Banking

Xiaomi Max with 6.4-inch display

Chinese smartphone manufacture Xiaomi Corp is stepping into the banking industry, marked by its wholly-owned Sichuan subsidiary's application to start a bank receiving approval from the China Banking Regulatory Commission (CBRC), the company said today.

The subsidiary, Sichuan Yinmi Technology Co, along with New Hope Group, Chengdu HongQi Chain Store Co and other five Sichuan companies, will open Sichuan's first private bank - Sichuan Hope Bank, with 3 billion yuan in registered capital. The three main founding members subscribed 29.5 percent, 30 percent and 15 percent of the shares respectively, according to Securities Times.

Jiang Jianqing - Former CEO of ICBC

China's State-owned commercial lenders have made strong progress in promoting renminbi internationalization, with the currency falling 5.6 percent against the US dollar in the past year.

Industrial and Commercial Bank of China Ltd has issued its first renminbi-denominated certificate of deposit, allowing institutions to issue and clear financial products denominated in the Chinese currency in the US.

UBS (China) Ltd, UBS AG's locally incorporated and wholly foreign-owned bank, has announced the opening of its Shanghai branch, which will focus on wealth preservation and succession planning services.

The branch is located in the Xintiandi neighborhood, home to a community of high-net-worth and ultra-high-net-worth individuals.

Amy Lo, head of UBS wealth management for China, said there has been a shift in customer demand in the past few years, with more focus now on family needs.

Ma Mingzhe, the CEO and Chairman of China Ping An Group.

Mid-sized commercial lender Ping An Bank Co Ltd will deepen reforms by developing a system of business units based on different sectors, products and client segments in the next three years.

Headquartered in Shenzhen, Guangdong province, the bank will push forward transformation at branches to provide differentiated services.

The transformation will put the management ability of the bank's head office under great challenges, its President Shao Ping told a news conference on Thursday.