Naspers’ Chinese Company, Tencent, Is Opening A Private Bank

Internet firms Alibaba and Tencent are among 10 other companies shortlisted to set up private banks in China. The president of the China Banking Regulatory Commission (CBRC), announced the scheme is geared toward servicing small and micro businesses.

Naspers acquired a 46.5% stake in Tencent in 2001, which at the time was the operator for the instant messaging platform QQ. Tencent have since expanded, through other business acquisitions, into mass media, entertainment and online advertising.

Financial analysts are in favour of CBRC’s initiative as state-owned banks in China extend most of their lending to state-owned companies, making it difficult for small businesses to obtain financial loans.

[ Source : BBC , Wikipedia ]

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