Gansu Rural Commercial Bank is approved to commence operations with a registered capital of 44.919 billion yuan.

On March 20, the Gansu Regulatory Bureau of the National Financial Regulatory Administration issued an approval, agreeing to the opening of Gansu Rural Commercial Bank Co., Ltd. and its branches. The opening entities shall accept local supervision from the institutions dispatched by the National Financial Regulatory Administration.

The approval approved the Chinese abbreviation of Gansu Rural Commercial Bank Co., Ltd.: Gansu Rural Commercial Bank. The registered capital is RMB 44.919 billion yuan. The equity structure is as follows: 25,101 natural-person shareholders, subscribing 12.124 billion shares, accounting for 26.99% of the total share capital; 327 corporate shareholders, subscribing 32.794 billion shares, accounting for 73.01% of the total share capital. Among them, Gansu Financial Holding Group Co., Ltd. holds 24 billion shares, accounting for 53.43% of the total share capital, and Jinchuan Group Co., Ltd. holds 3 billion shares, accounting for 6.68% of the total share capital.

The approval approved the eligibility for director appointments of Wang Wen-yong, Chen Jin-hui, Li Zhen-yu, Yu Wen-bao, and Liu Ning-li for Gansu Rural Commercial Bank; approved the eligibility for independent director appointments of Dong Xi-miao, Han Bao, and Luo Jin-bo for Gansu Rural Commercial Bank; approved the eligibility for staff director appointment of Sun Jian-hua for Gansu Rural Commercial Bank; approved the eligibility for secretary to the board of directors appointment of Li Xiao-min for Gansu Rural Commercial Bank; approved the eligibility for president appointment of Chen Jin-hui for Gansu Rural Commercial Bank (also serving as Chief Compliance Officer); approved the eligibility for vice president appointments of Qi Xing-dou, Bian Hai-he, Wang Xiao-jun, and Qian Lei for Gansu Rural Commercial Bank; approved the eligibility for risk director appointment of Zhao Ying-zhong for Gansu Rural Commercial Bank; approved the eligibility for chief financial officer appointment of Li Xiao-tong for Gansu Rural Commercial Bank; and approved the eligibility for business director appointment of Yin Jin-liang for Gansu Rural Commercial Bank.

In addition, the approval approved the dissolution of 66 institutions involved in reform, including the Gansu Provincial Rural Credit Cooperatives Union. The relevant creditor and debtor claims and debts shall be assumed by Gansu Rural Commercial Bank Co., Ltd. The dissolved institutions above shall, within 15 days from the date they receive the administrative licensing decision, return the financial license to the license-issuing authority, and complete the relevant procedures in accordance with the requirements of relevant laws and regulations.

Within 15 days from the date they receive the administrative licensing decision, they shall take the relevant materials to the local dispatched institution of the National Financial Regulatory Administration to collect the financial license, and then, with the license in hand, register with the market supervision administration, obtain the business license, and, after completing the relevant procedures, submit a written report on the opening situation to that bureau within 1 month.

Gansu Rural Commercial Bank Co., Ltd. shall open within 6 months from the date it obtains the business license. If it cannot open on time, it shall submit an application for an opening extension report to that bureau 1 month before the opening deadline expires. An opening extension may not exceed once, and the maximum extension period is 3 months. If it fails to open within the time limits stipulated above, this administrative licensing decision shall become invalid, the financial license shall be revoked, and an announcement shall be made.

(National Financial Regulatory Administration)

(Editor: Qian Xiao-rui)

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