Chinese e-commerce heavyweight Alibaba, which completed the world’s largest stock offering earlier this month, has received approval to set up a private bank, it was announced Monday. It will be the third private bank in China.
Alibaba has set its eyes beyond e-commerce, today announcing it will be launching a private bank – it´s noteworthy that currently, there are just two other private banks in the country.
The China Banking Regulatory Commission (CBRC) said Alibaba would be the majority shareholder with a 30 percent stake in a private bank to be established in the eastern province of Zhejiang, where the company is headquartered.
Other major shareholders in the newly approved bank include units of privately-owned conglomerate Fosun with 25 percent, auto parts maker Wanxiang Group with 18 percent and investment firm Yintai with 16 percent.
Alibaba’s listing on the New York Stock Exchange raised a total of 25 billion dollars, making it the largest stock offer in history and founder Jack Ma the richest person in China, according to the annual rich list compiled by ‘Hurun Report’.