KinCheng Bank eyes corporate banking with focus on capital region

Privately funded lender KinCheng Bank of Tianjin Co Ltd opened its doors for business on Monday, as China continues to press ahead with financial reforms on various fronts, including encouraging private investors to set up commercial banks.

Established in the newly approved Tianjin pilot free trade zone, KinCheng Bank is the fourth privately funded bank that opened for business in China, after WeBank in Shenzhen, Guangdong province, Huarui Bank in Shanghai and Wenzhou Minshang Bank in Zhejiang province.

Hu Bin, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said: "The opening of KinCheng Bank is part of the implementation of the financial reforms on opening the Chinese banking sector to private capital."