|10-01-2014, 12:07 AM||#1|
Alibaba Affiliate Gets Approval to Launch Private Bank in China
An affiliate of Chinese e-commerce mammoth Alibaba has received approval to set up a private bank by the China Banking Regulatory Commission, part of an extensive effort to proved easier financing options for small, privately owned companies.
The Alibaba financial affiliate received a license on Monday to open a bank in the east coast city of Hangzhou, where the Alibaba Holdings Group has its headquarters.
Alibaba will partner with Fosun, a large private conglomerate in China to form Zhejian Internet Commerce Bank.
The bank “will mainly satisfy the investment and financing needs of micro-companies and individual consumers, which refer to deposit products under Rmb200,000 ($32,500) and loan products under Rmb5mn,” Fosun said in a statement.
Small, privately owned companies are finding it difficult to obtain capital, as China’s banking system is dominated by large state-owned institutions that usually favor lending to big corporate borrowers.
This is hoped to fill the needs of small companies, who are estimated to contribute about 60% of Chinese gross domestic product, and nearly 75% of new jobs in the economy.
The China Banking Regulatory Commission said in March its intention to give banking licenses to 10 separate companies.
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