September 15, 2009 / 2:46 AM / 9 years ago

Founder of China's private Minsheng Bank dies

BEIJING, Sept 15 (Reuters) - Jing Shuping, the founder of Communist China’s first private lender, Minsheng Bank (600016.SS), died in Beijing on Monday, the official Xinhua news agency reported on Tuesday. He was 91.

Jing was formerly head of the All-China Federation of Industry and Commerce and a director at China International Trust and Investment Corp, the former name of CITIC Group, the Chinese government’s main investment body.

Jing, who graduated from St. John’s University in Shanghai in 1939, resigned as Minsheng’s chairman due to poor health in 2006, but he remained as honorary chairman.

Jing was “an outstanding representative of China’s modern national industry and commerce” and “a close friend to the Chinese Communist Party”, the Xinhua report said.

He had worked with and founded the first law firm, accounting firm and consulting firm in China since the Communist revolution in 1949. (Reporting by Zhou Xin and Ben Blanchard; Editing by Ken Wills)

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