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.
Ownership of the other listed joint-stock banks Minsheng, Shanghai Pudong Development and China Merchants is much more concentrated.
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
Taking a gamble, the Sichuan government gave approval in return for a minority stake in the new Minsheng.
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.
This week's attacks came despite the execution of Zheng Minsheng, 42, a former community doctor convicted for the March 23 attack.
In 1984 the son, Lu Guoji, and a clutch of greying colleagues from Minsheng, applied for permission to relaunch the old shipping company.
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.
The reborn Minsheng takes open delight in outsmarting the state-ossified impostor.
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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