Jack Ma’s MYBank Grabs Greenlight for First Share Capital Increase

 -  -  6


Ant Financial-backed online lender MYBank plans to raise funds via its first increase in share capital according to official documents.

On 11 December the China Banking and Insurance Regulatory Commission (CBIRC) released the “China Banking and Insurance Regulatory Commission Zhejiang Regulatory Department Response Concerning Zhejiang MYBank’s Capital Increase Share Expansion Plan” (中国银保监会浙江监管局关于浙江网商银行增资扩股方案的批复).

The Response indicates that CBIRC has given its approval to the capital increase share expansion plan approved by MYBank’s third extraordinary shareholders meeting.

Online lender MYBank is one of the first private banks established in China, and was established in 2015 with registered capital of 4 billion yuan.

Ant Financial is MYBank’s largest shareholder with 30% of equity, followed by Fosun International, which holds a 25% equity stake.

As of September MYBank had provided its services to 17.46 million micro and small-enterprise clients, for a 10-fold increase in a three year period.

According to MYBank 80% of this client-base had previously been unable to secure bank loans via conventional channels.

Related stories

MY­Bank Teams up with Chi­nese Pol­icy Bank to Boost Fi­nan­cial In­clu­sion in Xiong’an

MY­Bank Ex­pected to In­crease Cap­i­tal to 10B Yuan with Ant Fi­nan­cial’s As­sis­tance

Ant Fi­nan­cial’s MY­Bank Sees 10-fold In­crease in Small En­ter­prise Cus­tomers in Three Years

Ant Fi­nan­cial’s MY­Bank Com­mits to Be­ing “Id­i­otic” about Fi­nan­cial In­clu­sion Fol­low­ing Low Prof­its in 2018

6 recommended
comments icon 0 comments
0 notes
56 views
bookmark icon

Write a comment...

Your email address will not be published. Required fields are marked *