China okays first two financial holding companies

China’s central bank has given two state-owned firms the go-ahead to operate as financial holding companies, marking the first approvals since it released rules 18 months ago to tighten oversight of nonfinancial conglomerates with multiple financial units, Caixin reported.

Bejing Financial Holdings Group Ltd and China Citic Financial Holding Co. Ltd—a company to be set up by Citic Corp. Ltd—have recently been authorised to become financial holding companies, the People’s Bank of China (PBOC) said in a statement.

Read the full report: Caixin Global

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.