OREANDA-NEWS. Several Anhui-based companies plan to jointly launch a private bank tentatively named Dajiang Bank.

Anhui Xinke New Materials Co. issued an announcement on Tuesday that it will join in setting up the bank with an investment of 100 million yuan (USD 16.4 million), or 10 percent of the registered capital.

Other investors include Xinyi Glass, who pours 200 million yuan into the start-up, and Gingcheng Copper, Xinlong Electrical plus Shenjian New Materials, who contribute to 10 percent of the total capital each, according to the announcement.

The decision came after seven big corporations in the province include Guogou Group made their first foray into the private-bank sector earlier this year. Hefei Bank is now being established.