Nanning bank to be restructured into regional bank |
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issue time:2007-03-10 08:12
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Jan. 24, 2007 (China Knowledge) – Nanning City Commercial Bank, a local lender in Guangxi province, will be restructured into a regional bank with the help of a senior official from the Mainland's policy bank.
Chen Yuan, governor of China Development Bank (CDB), would help transform the Nanning Bank into Beibu Bay Bank through a capital injection. After the restructuring, the bank will eventually be listed.
The Chinese government has been encouraging small local lenders to consolidate to improve efficiency, as most of them are restricted by their licenses to operate within their home city or province.
Bank of Jiangsu, which started operation early this month, was restructured from a cluster of 10 small city commercial lenders and urban credit co-operatives. Huishang Bank in Anhui province, which opened for business in late 2005, was a merger of six city commercial banks and seven rural co-operatives.
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