(Agencies)
Updated: 2007-10-15 10:52

China's Minsheng Bank said on Monday it has won the banking regulator's approval to set up a financial leasing company.

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The bank said in April that it would set up a leasing firm with registered capital of 4 billion yuan with domestic partners, with Minsheng having a 51 percent stake.

"The China Bank Regulatory Commission has approved the establishment of Minsheng Financial & Leasing Co Ltd," Minsheng said in a filing to the Shanghai Stock Exchange.

"Our company will complete preparations for formal operations within six months," it said.

 

China said in February that it would once again let foreign and domestic banks establish leasing firms, seven years after it stopped issuing financial leasing licences in order to reform the industry.