China Merchants Bank announced on Wednesday it has been given approvals from China Banking Regulatory Commission to form a financial leasing company, Xinhua reported (in Chinese). The new company will be based in Shanghai with a registered capital of US$267 million, according to the lender. The main business of the company will cover procurement of aircraft, ships and other large equipment, as well as financing for small and medium-sized companies. A financial leasing market was opened to qualified banks in March.
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