This Day, That Year

China Daily (Hong Kong) - - MOSAIC -

This year marks the 70th an­niver­sary of the found­ing of New China.

Ed­i­tor’s note:

On Jan 12, 1996, China Min­sheng Bank was founded by Jing Shup­ing, for­mer chair­man of the All-China Fed­er­a­tion of In­dus­try and Com­merce. It was the coun­try’s first pri­vate com­mer­cial bank.

When the bank was reg­is­tered, 85 per­cent of its 1.38 bil­lion yuan ($203 mil­lion) share cap­i­tal came from en­ter­prises that were not Sta­te­owned.

An item from China Daily on Jan 13, 1996, showed cus­tomers lin­ing up for ser­vice at the bank.

China Min­sheng Bank was listed on the Shang­hai Stock Ex­change in 2000. Jing re­signed as Min­sheng’s chair­man in 2006 be­cause of poor health, but he re­mained as honorary chair­man un­til his death at the age of 91 in Bei­jing in 2009.

In 2014, the China Bank­ing and In­sur­ance Reg­u­la­tory Com­mis­sion launched a trial pro­gram to al­low the cre­ation of pri­vate banks and ease the en­try of pri­vate cap­i­tal into the bank­ing sec­tor. It has been called one of the big­gest reg­u­la­tory shifts in the coun­try’s bank­ing sec­tor in decades. The first five banks were ap­proved late that year.

Since then, China has been en­cour­ag­ing more pri­vate cap­i­tal in­vest­ment in ru­ral com­mer­cial banks. The na­tion is also urg­ing pri­vate com­pa­nies to merge, ac­quire and re­struc­ture prob­lem­atic ru­ral credit co­op­er­a­tives to defuse in­sti­tu­tional risks and pro­mote own­er­ship re­form.

As of Septem­ber, there were 17 pri­vate banks op­er­at­ing across the coun­try.

In Jan­uary 2015, WeBank, a joint ven­ture led by Ten­cent Hold­ings, gave out its first in­di­vid­ual loan.

With 30 per­cent of the to­tal shares, Ten­cent is the largest share­holder of the Chi­nese main­land’s first pri­vate in­ter­net bank.

It of­fers de­posit, lend­ing and wealth man­age­ment prod­ucts to in­di­vid­u­als and en­ter­prises.

The bank earned 1.45 bil­lion yuan in profit in 2017 and held as­sets to­tal­ing 81.7 bil­lion yuan.

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