In November 2009, the Fed denied a bid by China Minsheng Banking Corp.
As recently as 2009, the Fed denied a bid by China Minsheng Banking Corp.
He reportedly was instrumental in starting China's first private bank, Minsheng Bank, which provides loans to private companies.
Minsheng had 374 outlets at the end of 2008, 300 fewer than China Merchants, the largest joint-stock bank.
ECONOMIST: China��s first privately owned bank readies for listing
Minsheng's corporate loans grew by 42% in the first half of the year.
ECONOMIST: China��s first privately owned bank readies for listing
This autumn, Minsheng launches the first container service from Chongqing, aimed at inland manufacturers desperate to find new markets.
Minsheng's former reputation for good management was still alive in Chongqing, and it stood in stark contrast to that of the Yangzi River Steamboat Company.
It includes a private-sector bank, China Minsheng (now No. 107), an auto giant, SAIC Motor (now No. 167) and a property developer, China Vanke (now No. 314).
Attempts to expand into America have also faltered, following the failure this month of United Commercial Bank, a unit of a Californian holding company in which Minsheng has a stake.
ECONOMIST: China��s first privately owned bank readies for listing
Minsheng has drawn up plans for a new class of river boat that more than doubles the current size of 800-1, 000 tonnes, whilst raising the speed from 18kph to 22kph.
Only Minsheng is building tugboats especially for that stretch.
Investors will doubtless still embrace Minsheng's IPO.
ECONOMIST: China��s first privately owned bank readies for listing
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