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Zhong Lun Advises China Huarong Asset Management Corporation on Founding of Huarong Xiangjiang Bank
Zhong Lun Advises China Huarong Asset Management Corporation on Founding of Huarong Xiangjiang Bank
On October 12, China Huarong Asset Management Corporation and Hunan Provincial Government jointly initiated the founding of Huarong Xiangjiang Bank in Changsha on the basis of assets of small lenders in central Hunan Province with a registered capital of 4.08 billion yuan (US$611 million). Huarong Asset Management Corporation would take a 50.98% stake in the bank, and the remainder would be held by local shareholders.
A professional service team from Zhong Lun Law Firm, led by managing partner Zhang Xuebing together with more than 10 attorneys-at-law, including Yang Yuhong, Chen Dongyue, Fan Wei, Lu Jingyi, Yang Ting, Chen Xi, Ge Yu, Xu Hongbo, Wang Yanan, advised China Huarong Asset Management Corporation on the project .
The founding of the bank was a result of a year-long restructuring of small lenders, namely, four city commercial banks in Xiangtan, Zhuzhou, Yueyang and Hengyang and an urban credit cooperative bank in Shaoyang. Currently, the new bank’s capital adequacy ratio is over 16%, the provisional coverage rate is more than 150%, and the non-performing loan rate is under 0.1%.
Professionals
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Xuebing ZHANG
Equity Partner
BeijingPractices： Litigation & Arbitration,Bankruptcy-Insolvency & Reorganization,Chinese Mainland Capital MarketsIndustries： Real Estate,Urban Infrastructure,Transportation & Logistics,Tourism & Hospitality,Banking & Financial Services,Insurance -
Xuebing ZHANG
Equity Partner
Beijing
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