China to Open First Three pilot consumer Financing Companies -Shanghai Metals Market

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China to Open First Three pilot consumer Financing Companies

Data Analysis 09:08:50AM Jan 07, 2010 Source:SMM

SHANGHAI, Jan. 7-- China's banking regulator Wednesday approved the establishment of the country's first three consumer financing companies, which are scheduled to be started in Shanghai, Beijing and Chengdu, according to the financial services authority in Shanghai Wednesday.

The Bank of China, Bank of Beijing, and Bank of Chengdu are the promoters of the three pilot consumer financing companies, which are expected to offer personal loans to finance purchases of durables without taking deposits, said sources from the financial service authority of Pudong New Area, Shanghai.

China Banking Regulatory Commission (CBRC) issued in May, 2009, a draft rule on the establishment of consumer financing firms, in an attempt to further spur the country's domestic consumption.

China to Open First Three pilot consumer Financing Companies

Data Analysis 09:08:50AM Jan 07, 2010 Source:SMM

SHANGHAI, Jan. 7-- China's banking regulator Wednesday approved the establishment of the country's first three consumer financing companies, which are scheduled to be started in Shanghai, Beijing and Chengdu, according to the financial services authority in Shanghai Wednesday.

The Bank of China, Bank of Beijing, and Bank of Chengdu are the promoters of the three pilot consumer financing companies, which are expected to offer personal loans to finance purchases of durables without taking deposits, said sources from the financial service authority of Pudong New Area, Shanghai.

China Banking Regulatory Commission (CBRC) issued in May, 2009, a draft rule on the establishment of consumer financing firms, in an attempt to further spur the country's domestic consumption.