Tianjin Binhai New Area welcomes first local incorporated bank

Tianjin Binhai New Area yesterday witnessed the opening of Tianjin Binhai Rural Commercial Bank Corporation (Binhai Bank) – the first local commercial bank with independent legal person status.

The bank originates from the reorganization of the former Tianjin Tanggu Rural Cooperative Bank, Tianjin Dagang Rural Cooperative Bank and Tianjin Hangu Rural Credit Cooperative and is co-founded by 15 enterprises.

Tianjin Rural Cooperative Bank, as one of the initiators, holds a 12% stake in Binhai Bank. About 80% of the bank's equity is held in private capital. In addition, International Finance Corp. under the World Bank, is introduced as a foreign investor.