Beijing Financial Holdings' Application to Set up A Financial Holding Company Accepted by Central Bank
Beijing Financial Holdings' Application to Set up A Financial Holding Company Accepted by Central Bank
Following the acceptance of China Everbright Group's joint stock company and China CITIC's company limited applications to establish a financial holding company, the People's Bank of China announced that it accepted Beijing Financial Holding Group's company limited (BFHC) application to establish a financial holding company on Aug. 23. The application for the establishment of the financial holding company by the Beijing state-owned capital operation management company limited 100% shareholding.
Beijing Financial Holdings already has banking, securities, and personal credit licenses, and is the largest shareholder of Beijing Rural commercial bank incorporated company, CITIC Securities incorporated company, and Pudao Credit company limited.
With the release of the State Council's "Decision on Implementing Financial holding company Access Management" and "Trial Measures for Supervision and Administration of Financial holding company" in September last year, China has been able to fill the "regulatory gap" of not including financial holding company as a whole in its supervision, and the implementation of market access management for financial holding company is one of the key takeaways. It is one of the important grasps.
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