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Jinshang Bank starts operation

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-02 19:16

Jinshang Bank, earlier known as Taiyuan Commercial Bank, started operations in Shanxi province from Feb 28. Jinshang has now become the biggest city commercial bank in Shanxi.

The former Taiyuan Commercial Bank started functioning from October 1998. At the end of 2007, its net assets were -1.97 billion yuan (-$288 million), while non-performing loans totaled 3.14 billion yuan, according to figures from an accounting firm in Shenzhen. The struggling lender was taken over by Shanxi provincial government. The local government now holds 20.07 percent stake in Jinshang Bank.