(AGI) Beijing, March 26 - Wenzhou Minshang Bank, the firstprivate bank on China's mainland, has opened for business. Thebank's first loan was for a total of 300,000 yuan (just under44,000 euros), Xinhua news agency reported. It was granted to asmall local electronics company, Jingda Electronic. WenzhouMinshang Bank was one of three private banks whose constitutionwas approved in July by the China Banking Regulatory Commission(CBRC) to encourage the opening of the financial system toprivate entities. Nan Cunhui, chairman of the new bank, said itwill be difficult to compete with state-run creditinstitutions. "Banks carry more social responsibility thanother businesses. Facing competition from heavy-weightstate-owned banks, Wenzhou Minshang Bank must providedifferentiated financial services which should be moreflexible, efficient and considerate," he said. The bank willmainly supply credit to around 15,000 local businesses. It hasa registered capital of two billion yuan, around 292.6 millioneuros. The first online private bank was soft-openedrecently: the Shenzhen-based Webank, which was partly funded byChinese internet giant Tencent. Its first loan, worth 35,000yuan (5,120 euros) was granted to a truck driver in Shenzhen byChina's Prime Minister Li Keqiang, who spoke at the openingceremony. Webank's official opening will follow soon. The thirdbank that was approved by CBRC in July was Huairui Bank, whichwill have its headquarters in Shanghai.. .