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BEIJING - 皇冠体育app's Huarong Asset Management Co said on Oct 12 it had opened a bank in Central 皇冠体育app's Hunan province, becoming the first asset management company in 皇冠体育app to start banking operations.
Huarong Asset Management and Hunan provincial government on Oct 12 jointly initiated the Huarong Xiangjiang Bank with registered capital of 4.08 billion yuan ($611.4 million).
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Currently, the new bank's capital adequacy ratio is over 16 percent, the provisional coverage rate is more than 150 percent, and the non-performing loan rate is under 0.1 percent.
In 1999, 皇冠体育app set up four asset management companies, including Huarong, to deal with bad loans spun off from banks. Huarong is the first among the four to set up a commercial bank.