China Merchants Unit Wins Financial Holding License

What’s new: The central bank has granted a financial holding license to a subsidiary of state-owned China Merchants Group Ltd., the third such license given since the country tightened oversight of companies that have expanded into multiple financial sectors.

The People’s Bank of China (PBOC) announced on Friday that it had approved China Merchants Finance Investment Holdings Co. Ltd.’s application to operate as a financial holding company (FHC), and agreed to allow the firm to change its name to China Merchants Financial Holdings Co. Ltd.