Tencent (0700.HKG) is among the companies approved by the China Banking Regulatory Commission to establish three privately owned lenders, Bloomberg reported, citing a statement from the CBRC on Friday. Tencent, Asia’s largest internet company, will set up the bank in its homebase of Shenzhen with Baiyeyuan and Liye Group. That bank will focus on consumers and smaller businesses. The announcement was the latest step in a trial program announced in March to create five privately opened banks to help smaller businesses gain access to credit. The other banks will be based in Wenzhou and Tianjin.
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