Zhe Shang Bank recently opened for business, the first private provincial bank founded in China since 1949 and the first with a national license to open since 1995. A total of 13 private firms own a combined 85.7% of the Hangzhou, Zhejiang province-based bank. But despite the bank's private ownership, shareholders are not allowed to elect senior management, which is appointed by the China Banking Regulatory Commission. The bank plans to open offices in Beijing and Ningbo, Zhejiang province soon and plans to set up a nationwide network within five years. The bank is based-on a restructuring of the Zhejiang Commercial Bank, first established in 1993 for foreign currency services only. Cai Huiming, chairman of Zhejiang International Trust and Investment, a 3.95% shareholder of Zhe Shang Bank, is chairman of the new bank.