The coastal economic powerhouse of Zhejiang province has just seen the establishment of its 82nd banking sector financial institution.
Zhejiang Longgang Rural Commercial Bank (浙江龙港农村商业银行股份有限公司) held its official sign-unveiling ceremony on 29 July, becoming the 82nd lender to commence operations in Zhejiang province.
The new bank is situated in Longgang municipality, a county-level coastal city that was first formed from five fishing villages in 1983. Longgang is currently under the administration of the city of Wenzhou, situated 70 kilometres to its north.
Longgang Rural Commercial Bank is reportedly the first rural commercial bank in China to be established by being split off from an existing financial institution, having formerly been a part of Cangnan Rural Commercial Bank (苍南农商银行).
Its assets currently stand at 11.13 billion yuan, while its deposit balance is 9.34 billion yuan and its loan balance 7.203 billion yuan.