Shanghai Huarui Bank Approved for Establishment
ReleaseDate: 2014-10-16

On the occasion of the first setup anniversary of China (Shanghai) Pilot Free Trade Zone, Shanghai JuneYao (Group) Co., Ltd (“JuneYao Group”) confirmed it had formally obtained approval from the China Banking Regulatory Commission, along with Shanghai Metersbonwe Fashion & Accessories Co., Ltd (“Metersbonwe”) (002269.SZ), as the main sponsor of the first private bank in Shanghai, it was granted approval to carry out relevant preparation work for Shanghai Huarui Bank Co., Ltd ( “Huarui Bank”).

The approved Huarui Bank will be registered at China (Shanghai ) Pilot Free Trade Zone, two main sponsors JuneYao Group and Metersbonwe respectively owns 30% and 15% stake. After obtaining the approval, Huarui Bank’s related preparation work will proceed in an orderly manner under the guidance of superior supervision departments. According to the approval contents, the preparation work should be completed within 6 months after the date of granting the approval, and the bank should put forward opening application at the local banking regulatory bureau according to relevant regulations and procedures.

Chief persons in charge of the preparation of Huarui Bank said it would strictly follow requirements of the supervision department, while keeping risks under control, fully bring out advantages of private ownership mechanism, explore innovative model for financial reform, fully display features of the Shanghai Free Trade Zone, develop exclusive financial products and service systems catering to needs of the Free Trade Zone and covering “settlement, investment, financing, transaction”, become a window of early and pilot implementation; explore positive and effective solutions for SME to solve difficulty of financing and expensive cost of financing, so as to better serve the real economy; build smart bank with differentiated services, develop healthy and win-win ecosphere, provide efficient, intelligent and value-added service and experience.

Wang Junjin, Chairman of JuneYao Group, one of the main sponsors, said, “on the occasion of the first setup anniversary of Shanghai Free Trade Zone, we feel very honored to undertake such important pilot task, it also helps us fulfill our financial dream. In the face of tremendous historical responsibility and challenge, under the care and help of the CPC Shanghai Municipal Committee and Shanghai Government, under guidance from regulatory institutions and the Free Trade Zone Management Committee and other functional departments, we will treasure the opportunity, make active explorations, study and pioneer innovation, bring out our own advantages. Meanwhile, we will also follow the target of ‘century bank’, control risks, make active practice, explore innovations in financial operation mechanism and financial products, invigorate market vitality, develop market competitiveness of private banks. We thank the care and support from all officials, and help from all social circles.”

According to industry insiders, as one of the first batch of private banks for pilot operation, Huarui Bank shoulders tremendous historical responsibility. She is initiated in the China (Shanghai) Pilot Free Trade Zone under the requirement of deepening financial system reform, and speeding up the development of private financial institutions put forward by the Third Plenary Session of the 18th CPC Central Committee, according to relevant policies unveiled by the State Council and the China Banking Regulatory Commission, and following articles of relevant laws and regulations. The setup of the first batch of pilot private banks signifies the entry of private capital into the financial system, develop competitive market environment with co-existence of diversified ownership, help further develop China’s multiple-level financial system, further enhance operation efficiency of financial market. This time, the setup approval of private bank is associated with the overall situation of China’s financial reform, it shoulders historical mission and responsibility.