Jiangsu Bank to open for business

Jiangsu Bank, created from the merger of 10 small city commercial banks and urban credit cooperatives in Jiangsu Province, will begin operating this month, the Standard of Hong Kong reported. "December 28 will be the date on which Jiangsu Bank opens for business," an official with the China Banking Regulatory Commission told the newspaper. Foreign investors will not be allowed to buy stakes in the bank initially. Ten state-owned city commercial banks own 8 billion shares in the new institution. Jiangsu Bank has US$16.6 billion in assets, making it a small member of the mainland's second tier banks.