China Minsheng Banking setting up financial leasing unit - report |
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Thu, 18 Jan 2007 04:37
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SHANGHAI (XFN-ASIA) - China Minsheng Banking Corp Ltd (SHA 600016) is teaming up with State Grid Corp of China (SGCC) and the Tianjin-based company assembling Airbus A320s to set up a financial leasing company, the China Business News reported, citing sources.Shanghai-listed Minsheng plans to take up 60 pct of the company, with SGCC and the Airbus assembly company holding 20 pct each, the newspaper said, citing a source.'We are studying allowing commercial banks establishing financial leasing companies on a trial basis,' an unidentified official from the China Banking Regulatory Commission (CBRC) was quoted as saying.Minsheng is likely to become the first commercial bank allowed to set up financial leasing company, it said.Commercial banks must have capital adequacy ratios of above 8 pct and no less than 80 bln yuan of total assets in the previous full year to qualify, according to draft rules obtained by the newspaper.An official working for Minsheng's board told XFN-Asia that he has no information on the matter.(1 usd = 7.80 yuan)lilian.wu@xfn.com
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