China's first private bank begins lending
(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.