China's first consumer finance company enters the formal operation stage

Xinhua Beijing, February 25 (reporter Bai Jiechun, Liu Shiping) China Banking Regulatory Commission 25th announced that the 24th approved the opening of the North bank consumer Finance Limited, registered capital of 300 million yuan, which marks the first financial consumer companies into the formal operation stage. The head of the CBRC said that during the preparation period, the Bank of Beijing has implemented the capital, personnel and place of business of the North Silver Consumer Finance Limited Company, completed the regulation of the Articles of Association, action business and the internal risk control system, and in the near future formally submitted the application materials for the opening of the consumer finance company to the CBRC.　　According to the various access conditions previously stipulated, the CBRC has strictly approved the application materials submitted by the Bank of Beijing. As one of the first pilot consumer finance companies in the country, the opening of the North bank Consumer Finance Co., Ltd. is of great significance for the effective promotion of the banking industry's consumer financial services to the domestic residents in the new business platform and to promote consumption growth, the official said.　　The CBRC and its dispatched agencies will supervise the consumption financial companies through market access, off-site supervision and on-site inspection, and supervise their scientific and healthy development. Last July, the CBRC announced the "Pilot management measures for consumer finance companies" and initiated the pilot approval of consumer finance companies in Beijing, Tianjin, Shanghai and Chengdu. In January this year, the CBRC formally approved the bank of Beijing to prepare a wholly-owned North Silver Consumer Finance Co., Ltd., Bank of China United Hundred Union Group Limited, Shanghai Lujiazui Financial Development Co., Ltd. in Shanghai to build China Silver Consumer Finance Co., Ltd. Chengdu Bank United Malaysia Hong Leong Bank in Chengdu, the establishment of Sichuan Kam-Cheng Consumer Finance Co., Ltd., February 12, 2010, the CBRC approved to send Rich Group Limited (PPF) in Tianjin to establish a wholly-owned Czech credit consumer Finance (China) Limited.