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New rural bank opens in Jiading

( ) 2016-01-19

New rural bank opens in Jiading

Authorities in Jiading district of Shanghai announce the opening of the Hongdu Rural Bank at a launch ceremony, Jan 18. [Photo/]

The opening of Hongdu Rural Bank was announced at a launch ceremony in Jiading district of Shanghai on Jan 18, local media reported.

The bank is a joint venture of the Nanchang Rural Commercial Bank, Shanghai Waigang Industrial Development Co, Shanghai Malu Industrial Development Co, and Jiading Collective Economy Association. It has a registered capital of 300 million yuan ($45.6 million).

A bank leader said that the bank focuses on taking in deposit and granting short and long-term loans and will develop businesses such as small loans and Internet finance.

To further develop its financial businesses, the bank also plans to opening branches in Jiading's Jiangqiao and Anting towns, added the leader.

New rural bank opens in Jiading

Interior of the newly-established Hongdu Rural Bank in Jiading district of Shanghai [Photo/]

Shen Huadi, deputy head of the district who attended the launch ceremony said that having such a bank was in line with local government's plan to boost its finance industry. And it will also contribute to Shanghai's goal of becoming an international financial center.

Shen expected that the new bank will develop more innovative financial products to help with local industrial restructuring. He also wanted the bank to help turn Jiading into a scientific and technological innovation center.

The deputy head added that so far, Jiading boasts a large number of emerging financial institutions, which feature rural banks, small loan companies, financial leasing and commercial factoring firms. This was due to the government's strong support.




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