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Minsheng also into leasing

Minsheng also into leasing

(15 October 2007 – China) After ICBC last month announced approval to start a leasing business in China, Minsheng Bank has also gained regulatory approval. The approval follows the April 2007 announcement to set up the leasing unit, with registered capital of four billion yuan (A$589 million).

This amount is double the registered capital that ICBC decided to set up their respective leasing unit with.

Minsheng announced their intentions to complete preparations for normal operations within six months.

The new leasing business will be called the Minsheng Financial & Leasing Co Ltd.

The China Banking Regulatory Commission lifted a ten year ban on commercial banks investing in leasing companies, in March 2007.
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