Others News
- Shanghai News
Date: 20-Jul-2007 Sources: (Shenzhen Daily)
SHANGHAI will set up a financial holding group soon to consolidate the city's financial assets, Vice Mayor Feng Guoqin said Thursday.
Feng revealed the imminent launch of the holding company, which will group the Shanghai Municipal Government's stakes in the local banking, trust and brokerage industries, to reporters on the sidelines of a financial forum. He gave no further details.
Analysts say the company will be modelled on other domestic financial groups such as China International Trust and Investment Corp. and China Everbright Ltd.
Shanghai International Group, investment arm of the city government, would be the controlling shareholder of the financial holding firm, sources familiar with the situation said.
Ji Xiaohui, currently the chairman of Shanghai Pudong Development Bank would be appointed head of the new financial holdings group.
Ji would retain his current post as chairman of Pudong bank, in which Citigroup holds a minor stake.
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