Business / Markets

First private bank starts trial operation

By Meng Jing ( Updated: 2015-01-19 14:37

China's first private bank, which is partly backed by Internet giant Tencent Holdings Ltd, started trial operation on Sunday.

The bank named Shenzhen Qianhai Weizhong Bank, also known as Webank, said it has invited a limited number of potential customers for the test run of its operation. The invited customers include its shareholders, its employees and some targeted clients.

Among the approved private lenders in China, Webank is the first to start business. The bank attracted a lot of media attention when Premier Li Keqiang visited its headquarters in Shenzhen in early January.

Tencent is the bank's largest shareholder with a 30 percent stake. The bank with a registered capital of 3 billion yuan ($484 million) will focus on personal banking and lending to small and medium-sized enterprises, said Tencent.

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