Minsheng Bank launches financial leasing JV in Tianjin

China Minsheng Banking Corp Ltd<600016> announced today the launch of Minsheng Financial Leasing Co Ltd in North China's Tianjin, the fourth bank-backed financial leasing firm in the country.

The Beijing-based lender, which is endeavoring to diversify its portfolios, invested RMB 2.6 billion for an 81.25% controlling stake in the new entity, a joint venture with a local investment company. The JV will provide a full range of financial leasing services.

Located in Binhai New District, an integrated trial area picked by the central government, the new firm will benefit from a number of preferential policies, said Minsheng Bank.