The Youngest Private Bank in China, Major Shareholder Changes Hands
【Financial Reporter Chen Yujing】 Private banks have reached a crossroads of development after ten years, with state-owned enterprises\' shadows increasingly evident in the background.
【Financial Reporter Chen Yujing】 Private banks have reached a crossroads of development after ten years, with state-owned enterprises' shadows increasingly evident in the background.
Recently, Wuxi Commercial Bank Co., Ltd. (hereinafter referred to as "Wuxi Commercial Bank") announced that it had received approval from the China Banking Regulatory Commission to allow Jiangsu Nationlink Development (Group) Co., Ltd. (hereinafter referred to as "Nationlink") to take over the 500 million shares held by Redbud Group Co., Ltd. (hereinafter referred to as "Redbud Group"), which accounts for 25% of the company's total shares, making it the third state-owned enterprise to invest in a private bank.
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