Minsheng Bank Receives Approval to Acquire Qijiang Minsheng Rural Bank and Establish New Branches

Deep News06-10

On June 10th, financial news reports that the Banan Supervision Branch of the National Financial Regulatory Administration has issued an approval.

The approval grants consent for China Minsheng Banking Corp., Ltd. to acquire Qijiang Minsheng Rural Bank Co., Ltd. and to establish several new branches.

The new branches to be established are the Chongqing Qijiang Sub-branch, the Chongqing Wansheng Sub-branch, the Chongqing Dongxi Sub-branch, the Chongqing Qiaohe Sub-branch, and the Chongqing Jiulong Sub-branch, all under China Minsheng Banking Corp., Ltd.

These new entities will take over the assets, liabilities, business operations, and employees of Qijiang Minsheng Rural Bank Co., Ltd. following its asset and capital verification process.

The approval stipulates that after the preparatory work for establishing these five new branches is completed, China Minsheng Banking Corp., Ltd. must apply to the Banan Supervision Branch for official business commencement approval, in accordance with relevant regulations and procedures.

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