CHENGDU, Jan.6 (NBD) -- China Citic Bank announced on Thursday that China Banking Regulatory Commission (CBRC) has approved the company and Chinese search engine giant Baidu to establish Baixin Bank. 

Baixin Bank will be the first direct bank operating as an independent legal entity in China. 

According to CBRC, two initiators of Baixin Bank, China Citic Bank and Fujian Baidu Borui Internet Technology Co., Ltd., will hold respectively 70% and 30% of its stake.


Editor: Zeng Yunheng