The China Banking Regulatory Commission (CBRC) announced on July 24 that it has given a nod of approval for a regional bank in the Tibet Autonomous Region, with initial capital of 1.5 billion yuan ($233 million).
The bank will be the first regional corporate bank and also the first equity commercial lender to operate in the autonomous region. It will be registered in Lhasa, the region's capital.
The bank will strengthen financial services in Tibet and provide financial support for local small and medium-sized enterprises, as well as for projects that will improve the livelihood of local residents, the CBRC said.
The CBRC did not give a detailed timetable for the bank's establishment. |