New bank for NE China

Northeast Revitalization Bank will reportedly launch operations in Liaoning province on August 8, with the goal of rejuvenating northeast China's industrial bases. According to state media reports citing provincial officials, the bank will utilize the organizational infrastructure of Shenyang Commercial Bank and will be located in either Shenyang or Dalian. The bank is intended to function as a regional joint-stock commercial bank serving the northeastern provinces of Liaoning, Jilin and Heilongjiang. The bank's initial tasks will include restructuring shareholding, addressing non-performing loans and integrating provincial and regional commercial bank resources.