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The first two financial holding companies were approved for establishment

Date: 2022-03-24
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A few days ago, the People's Bank of China approved the establishment licenses of financial holding companies of China CITIC Financial Holdings Limited (to be established) and Beijing Financial Holding Group Limited. This is the first batch of financial holding company licenses issued by the central bank. At present, there are three applications for the establishment of financial holding companies that have been accepted, namely China Everbright Group Co., Ltd., Shenzhen Zhaorong Investment Holding Co., Ltd. and China Wanxiang Holding Co., Ltd.

According to the central bank, it is an important measure to implement the arrangements of the CPC Central Committee and the State Council and fill in the shortcomings of financial supervision for non-financial enterprises that substantially control various financial institutions to set up financial holding companies according to law and bring them under supervision. The establishment of financial holding companies will help non-financial enterprises to effectively separate finance from industry, prevent cross-infection of risks, realize centralized and unified management of financial equity, and promote standardized and sustainable development.

In the next step, the central bank will continue to adhere to the principles of marketization and rule of law, adhere to 'two unwavering', carry out the examination and approval of accepted enterprises according to laws and regulations, and steadily and orderly promote other qualified enterprises to apply for the establishment of financial holding companies. Follow the concept of macro-prudential management, implement comprehensive, continuous and penetrating supervision on financial holding companies based on consolidated statement, and promote them to maintain sufficient capital, improve corporate governance, strengthen risk isolation, operate in compliance with laws and regulations, continuously improve their ability to serve the high-quality development of the economy and help the economy to operate in a reasonable range.


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