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Caixin Global
Caixin Global
Business
Zhu Liangtao and Han Wei

Nanchang State Firm Takes Control of Private Lender Yumin Bank

Nanchang

What’s new: A financial holding company backed by the Nanchang city government has bought a controlling stake in Jiangxi Yumin Bank Co. Ltd., marking the first time a state-owned company has taken control of one of China’s private lenders.

The National Financial Regulatory Administration has approved Nanchang Financial Holding Co. Ltd.’s acquisition of a 30% stake in the Jiangxi lender from its controlling shareholder, Zhengbang Group Co. Ltd., according to the regulator’s website.

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