Feb. 24, 2010 (China Knowledge) - The China Banking Regulatory Commission has approved the establishment of the country's first solely foreign-funded consumer finance company in Tianjin, sources reported.
The new company will be founded by Czech company PPF Group N.V., one of the leading financial groups in central and eastern Europe, with a total investment of RMB 300 million.
The finance company will provide point-of-sale loans and other consumer loans in Tianjin to finance the purchase of durable goods and travel and education expenditures.
Previously, the CBRC approved the establishment of three consumer finance firms, one each in Shanghai, Beijing and Chengdu, of which two are funded by Chinese companies and one is a Sino-foreign joint venture.