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China Development Bank starts operations as joint-stock entity - source.
(From AFX Europe (Focus))
BEIJING (XFN-ASIA) - China Development Bank starts operations today as a joint stock entity, China Development Bank Co Ltd, a source close to the matter told XFN-Asia.
The source said the joint-stock bank will receive its operating licenses in the next few days.
The source gave no further details.
CDB was established as a policy bank in 1994 along with China Export and Import Bank and China Agricultural Development Bank. The three were set up to take over government-directed lending functions of China's big four state-owned commercial banks.
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