New private bank

Nine companies have signed an agreement to establish a private bank with a registered capital of 2 billion yuan ($328 million), Securities Times reported Tuesday.

The name of the private bank in Chinese - Shoufa - has been approved by the State Administration for Industry and Commerce (SAIC), but it still needs to be approved by the People's Bank of China and China Banking Regulatory Commission.

As of Monday, 23 names of private banks have been approved by SAIC, and more than 30 listed companies have sent applications to establish private banks, the report said.