domestic commercial lender, launched its majority owned unit
Minsheng Financial & Leasing Co several days ago, with €0.3bn
(CNY3.2bn) in capital.
The financial leasing firm, of which 81.25 per cent will be held by
the Minsheng banking group and the remainder held by Tianjin Port
Trade Zone Investment Company, is the fourth financial leasing
company created by a Chinese bank.
The firm is registered in Binhai New Area, Tiankin, one of the four
municipalities in the country.
Another four Chinese banks including Bank of Communications,
Industrial and Commercial Bank of China, China Construction Bank
and China Merchants Bank, gained regulatory approval to set up
their financial leasing arms from September last year. Those banks
have created companies, ICBC Financial Leasing, CCB Financial
Leasing and BoCom Financial Leasing.