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China Sets Up 2nd Provincial-Level Joint-Stock Rural Commercial Bank

Posted on: Thursday, 20 October 2005, 09:00 CDT

China sets up 2nd provincial-level joint-stock rural commercial bank

BEIJING, Oct. 19 (Xinhua) -- The Beijing Rural Commercial Bank, China's second provincial-level joint-stock rural commercial bank, was set up here Wednesday, replacing the 54-year-old Beijing Rural Credit Cooperative.

The new bank is China's largest rural commercial bank and regional, local commercial bank, with a registered capital of 5.075 billion yuan (625.77 million US dollars), said Zhao Jikun, board chairman of the bank.

The bank has now has 387 corporations, or 56.2 percent of the total, and 27,893 natural persons, or 43.8 percent of the total, Zhao said.

It will operate with 697 branches located in 15 districts and counties across the Beijing area with a total staff of more than 7,000, he said.

China's first provincial-level joint-stock rural commercial bank was founded in Shanghai on Aug. 25 this year.

The Shanghai Rural Commercial Bank, operating with 331 branches, has a registered capital of more than 3 billion yuan.

The Beijing Rural Commercial Bank is the first to receive the approval of the State Council, Zhao said.

The State Council, China's central government, approved the institution of the Beijing bank in February this year.

By the end of September, the total capital of the Beijing Rural Commercial Bank reached 123.5 billion yuan. The bank's rural loans have taken up some 70 percent of the total rural loans of finance businesses in Beijing, Zhao said.

Source: Xinhua News Agency - CEIS

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