China is expected to soon welcome its 19th private lender following the issuance of key regulatory approvals.
Shanghai-listed Jiangsu Hongdou Industry (红豆股份) announced on 17 September that its proposal to establish the Wuxi Commercial Bank Share Limited Company (无锡锡商银行股份有限公司) had obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC).
Wuxi Commercial Bank will have registered capital of 2 billion yuan and eight founders, including Hongdou Group and Jiangyin Chengxing Industrial Group (江阴澄星实业集团) as main shareholders.
The move will increase the number of private banks operating to China to 19 in total.
