Rumors on the Internet revealed that the Chinese B2B e-commerce group Alibaba has set up a commercial bank subsidiary, which has gained the approvals of the People’s Bank of China and China Banking Regulatory Commission.
The new subsidiary is reportedly jointly invested by Alibaba Group, the people’s government of Zhejiang, Softbank, and CDH Investments. Jack Ma, chairman of Alibaba Group, will reportedly be chairman of the new commercial bank company and Zhong Jiwei, former general manager of the credit card center of China Merchants Bank, will be the new general manager.
The rumors are that Alibaba Group will publish the related information soon, but the news has not been confirmed by the e-commerce group.
However, a representative from Zhejiang Banking Regulatory Bureau told local media that it is true that Alibaba’s establishment of a commercial bank has entered a substantive demonstration phase, and Zhejiang province and Hangzhou city hold a very positive attitude towards the issue. But the final right of approval is attributed to the People’s Bank of China and China Banking Regulatory Commission, and the two departments have not yet given any official reply.
Russia and China were barely mentioned, but they were the threats in everyone’s minds in…
KANDAHAR, Afghanistan: An overnight exchange of fire at one of the main Pakistan-Afghanistan border crossings…
New Delhi: Mass cancellations of IndiGo flights across several cities in India have left thousands…
Michigan neurosurgeon shares why ‘Japanese people live longer’: And it’s more than just diet ByAkanksha…
Baba Vanga 2026 Prediction: Another prediction by the world's most famous seer, Baba Vanga, is…
It should have been a night for Crystal Palace supporters to savour. About 1,500 officially…