Bank of Nanjing approved to open Shanghai branch

Bank of Nanjing Co Ltd<601009> announced in a filing to the Shanghai Stock Exchange yesterday that its application of setting up a Shanghai branch has won approval from the China Banking Regulatory Commission (CBRC).

The bank, which successfully floated shares on the Shanghai Stock Exchange on Jul. 12, 2007 said it has got the official reply from CBRC, allowing it to open a branch in Shanghai. It will apply for operation to Shanghai Banking Regulatory Bureau after the bank finishes the preparation job.

Bank of Nanjing, a new type of commercial bank in China, was co-funded by the local government, domestic companies and foreign investors, with registered capital of RMB 1.84 billion. The French BNP Paribas holds a 19.2% stake in it. Headquartered in Nanjing, the bank currently owns nearly 60 branches in China and hires more than 1,600 employees.

The shares of the bank edged down RMB 0.20, or 1.04% to RMB 18.97 from RMB 19.17 of the previous trading day.