Caixin
Jul 23, 2022 03:13 AM
FINANCE

China Merchants Bank Drops Banking Venture With JD.com

CMB first revealed a plan to set up an independent direct bank in February 2017.
CMB first revealed a plan to set up an independent direct bank in February 2017.

A long-planned banking joint venture between China Merchants Bank Co. Ltd. (CMB) and the fintech unit of e-commerce giant JD.com Inc. fell apart after more than five years of preparation.

CMB, one of the country’s largest commercial banks, said Friday that its board decided to withdraw an application to open China Merchants Tuopu Bank and terminate preparations. The decision came more than a year after the bank won approval from the top banking regulator to set up a direct banking joint venture with financial services platform Jingdong Digits Technology Holding Co. Ltd. (JD Digits).

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