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.