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China: Banking sector heads up with new private lenders

 |  January 6, 2014

The China Banking Regulatory Commission has cleared the way for up to five new private banks to be established and boost the market, currently dominated by state-owned banks.

In an announcement, the CBRC announced the plans, ensuring “prudential regulatory standards” held above the new banks, which are considered pilot lenders.

The regulator’s decision comes as government officials vowed to open up the banking market to competition as smaller companies look for more chances to take out loans, an ability reports say has been largely denied to small firms by large banks.

Full Content: Chicago Tribune

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