Business / Markets

Minsheng Banking reports 300b yuan in micro-credit

(Xinhua) Updated: 2012-12-21 10:18

BEIJING - China Minsheng Banking Corp Ltd, a private bank, on Thursday said its micro-lending topped 300 billion yuan ($47.62 billion).

Non-mortgage loans took about 62 percent of the micro-lending amid the bank's efforts to finance small businesses.

The bank expanded services to raise the ratio of non-mortgage loans in June, pushing up micro-credit from 200 billion yuan at the end of June to 300 billion yuan now, said Dong Wenbiao, board chairman of China Minsheng Banking Corp Ltd.

"We aim to increase the ratio of small lending to half of the bank's total lending over five years to better serve small businesses," Dong said.

China Minsheng Banking dropped 1.07 percent on Thursday to 7.43 yuan per share.

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