Private bank licenses to be granted

The first batch of private bank licenses is expected to be granted as annual sessions of the national legislative and consultative bodies convene in Beijing in March, the Beijing-based China Securities Journal reported Wednesday.

About three to five private banks in major cities and regions such as Tianjin, Shanghai, Beijing, Zhejiang and Guangdong provinces are expected to be among the first ones to be issued with a banking license, according to the report.