Newly established financial company of China Chengtong is approved by China Banking Regulatory Commission (CBRC)
China Chengtong 2011-03-22
CBRC has released a file of “Reply on establishing enterprise group financial company by China Chengtong Holding Group” in middle of February, which marks that the first non-banking financial institution of China Chengtong has been approved.
Regarding the financial company as a platform, China Chengtong will play an important role in financial centralizing management, risk monitoring and control, financial resources integration, financial service and financial human resource development, so as to realize the optimizing distribution of resources, strengthen the capital strength of the group and risk resistance capacity; and the financial company will become an important bridge of the combination of group industry capital and financial capital, and supply financial services to the group and member units better.
According to the stipulation of CBRC, the financial company should be prepared and established completely within six months from the approved day, and application materials for start of business should be submitted to CBRC. At present, various sorts of preparing works have been developed.