Alibaba still waiting on commercial bank license
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Chinese e-commerce giant Alibaba Group is still waiting for approval of its application for a commercial bank license, the official radio station China National Radio (CNR) reported Thursday.
Well-known Chinese blogger Hecaitou said in his mini blog Wednesday evening that Alibaba's application to set up a commercial bank had been given the nod by the People's Bank of China (PBOC) and the China Banking Regulatory Commission (CBRC). The blog indicated the bank would be launched in the near future.
But an official at the Zhejiang Province branch of the CBRC told CNR that Alibaba's application has not yet been approved by the PBOC and CBRC.
Although the Zhejiang provincial government and the Hangzhou municipal government have both taken a positive stand on the issue, the final decision can only be made by the central bank and the banking regulator, the official said.
China's business press carried the story above on Saturday. China.org.cn has not checked the stories and does not vouch for their accuracy.
