Jan. 6, 2012 (China Knowledge) - China Minsheng Banking Corp Ltd<600016
>, 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
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.