Tencent-backed private lender ready for debut

A bank partly backed by Tencent Holdings Ltd has won approval to start operations, making the Shenzhen Qianhai Weizhong Bank the first of five new private lenders to start operations.

The institution, also known as Webank, is expected to open within a month, the Economic Information Daily reported on Tuesday.

Tencent, which is the largest shareholder with a 30 percent stake, confirmed that it had received the green light from banking authorities in the southern city of Shenzhen, but the company did not give an exact date for starting business.