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PBOC to Approve Establishment of 8 Large Financial Groups
People's Bank of China (PBOC) is lately reported going to approve the establishment of eight large enterprise financial groups (companies). The major shareholders of these groups include some famous large enterprises such as China National Offshore Oil Corporation (CNOOC), China National Cereals, Oils and Foodstuffs Imp. & Exp. Corp. (COFCO), Haier Group and Shandong Yanzhou Coal Group, etc, and some large groups including SGEG, Guangzhou Railway (Group) Corporation, Shanghai Maritime Shipping Co (Group) and Putian Group Corp.
According to the news department of the PBOC, the eight financial groups have not been approved yet. Should the approval have been confirmed, it be the biggest action taken by PBOC in approving the establishment of financial firms since it promulgated the "Methods for the Management of Financial Firms of Enterprise Groups" in bringing domestic financial groups to a total of nearly 80.
China National Association of Finance Companies said that the whole work for financial groups to seek approval from the higher-ups is under progress now. The number of the financial firms approved is possibly not limited to only eight. Sources say that the financial firms are confronted with much more complicated procedures than the past.
By PD Online staff member Du Minghua
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