The affluent coastal province of Zhejiang has seen the launch of a new rural lender following reform of a pre-existing rural credit society.
On 14 April the Zhejiang province banking and insurance regulator issued its approval for Zhejiang Rural Commercial United Bank (浙江农商联合银行) to commence operations.
The approved registered capital of the bank is 5.025 billion yuan, while Wang Xiaolong (王小龙) obtained approval to serve as its chairman, and Jin Lili (金丽丽) to act as president.
Zhejiang Rural Commercial is established following reform of Zhejiang Province Rural Village Credit United Society (浙江省农信联社).
According to state-owned media the conversion of Zhejiang Province Rural Village Credit into Zhejiang Rural Commercial United Bank is one of the first initiatives in Chinese reform of rural credit societies.