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China Minsheng Banking to open 1st overseas branch in HK

Jan. 6, 2012 (China Knowledge) - China Minsheng Banking Corp Ltd<600016><1988>, the first privately owned bank in the country, said yesterday that it had received Hong Kong regulatory approval to open a branch in the special administrative region.

The bank said in its statement that it had been granted a banking license by Hong Kong Monetary Authority.

Chairman Dong Wenbiao said that the opening of the Hong Kong branch, the bank's first overseas branch, marked an important step in its international expansion.

As of to date, there are a total of 153 licensed banks in Hong Kong.

Media reports said yesterday that China Minsheng Banking plans to issue up to RMB 50 billion of five-year financial bonds by the Chinese Spring Festival.

Haitong Securities Co Ltd<600837> and UBS Securities will be joint lead underwriters for the offering.

The bank plans to use proceeds from the bond issue for loans to small businesses.

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