Tencent Bank Receives Regulatory Approval

Sina Tech, 7/25/14

Shang Fulin, chairman of the China Banking Regulatory Commission (CBRC), has disclosed that the commission has approved the establishment of three private banks, including a bank jointly founded by Chinese internet and mobile services firm Tencent (0700.HK), Shenzhen Baiyeyuan Investment, and Shenzhen Liye Group. The bank, called the "Shenzhen Qianhai Weizhong Bank," will be established in Shenzhen.

Chinese e-commerce conglomerate Alibaba Group was not listed as a partner for any of the banks that were granted approval.

Editor's Note: For more information on this topic, please see "Rumor: Tencent Buys Land for Bank HQ," MD 5/23/14 and "China Approves Alibaba, Tencent Banking Trials," MD 3/11/14 issues.

Keywords: Shang Fulin financial services Internet Tencent China Banking Regulatory Commission 0700.HK

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