First direct bank gets official nod
China's top banking regulator has approved the commencement of business of the first direct bank that will operate as an independent legal entity in China.
The bank - which will not have any branch network, and offers its services remotely via online banking - will officially open within six months after it obtained a business license, according to banking regulations.
Jointly founded by China CITIC Bank Corp Ltd and Chinese internet search giant Baidu Inc with registered capital of 2 billion yuan ($300 million), CITIC aiBank Corp Ltd will mainly target individuals as well as micro and small companies. China CITIC Bank, a national joint-stock commercial lender, will hold 70 percent of its shares, and Fujian Baidu Bo Rui Netcom Science and Technology Co Ltd will hold the remaining 30 percent.
