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CORRECTED-China to start pilot for privately owned banks
March 11, 2014 / 1:36 AM / 4 years ago

CORRECTED-China to start pilot for privately owned banks

(Corrects name of bank regulator in second paragraph to Shang Fulin, removes “four” from headline)

BEIJING, March 11 (Reuters) - China will launch a pilot test for privately owned banks in its more prosperous regions of Tianjin, Shanghai, Zhejiang and Guangdong, the country’s bank regulator Shang Fulin said on Tuesday.

The pilot, which was approved by China’s government in January, is the first tentative step by the country to open its hitherto closely guarded banking sector to private investors. (Reporting by Kevin Yao and Shao Xiaoyi; Editing by Richard Pullin)

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