A Wenzhou-based consortium of nine private firms will seek regulatory approval to form a bank, according to a South China Morning Post report. The Sinorich Consortium has strategic partnerships with China Construction Bank, Agricultural Bank of China and the Shenzhen Development Bank. Consortium officials said that the proposed bank would have a registered capital of US$60 million. The China Banking Regulatory Commission and People's Bank of China are currently reviewing applications for five private banks. Analysts said that the two regulators are holding back approval because of uncertainty over supervision of private bank management. D'Long International Strategic Investment, a private financial firm, owed at least US$1.2 billion to creditors when it collapsed.
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