Minsheng Banking to Form Village Bank in Chengdu
Posted:2008-3-7|Source:internet|No. of Views:
BEIJING, Mar 06, 2008 (SinoCast via COMTEX) -- CMAKF | news | PowerRating | PR Charts -- China Minsheng Banking Corporation Ltd. (SHSE: 600016, CMBC) plans to set up the largest village and town bank nationwide in Pengzhou county of Chengdu with other investors, the first one of its like sponsored by a national joint-stock commercial bank.
CMBC has gained approval of its board of directors to invest at most CNY 20 million, holding a more than 20% stake, in the village bank. And its Chengdu branch has been authorized to make preparations for the work and pay for the deals.
Establishment of the village bank is in line with CMBC's development strategy to form a financial holding group, according to Xiong Jincheng, president of CMBC Chengdu branch. By extending the reach of its innovative financial products and brand to the developing areas in the nation, CMBC expects to explore new profit-making models and opportunities, added Xiong.
In addition, CMBC is picking site for its back office service center in Chengdu.
