Bank of Tibet approved to open

Edited and Translated by People's Daily Online

Bank of Tibet, the first regional bank in southwest China’s Tibet Autonomous Region, recently obtained a financial business license from the Tibet Regional Banking Regulatory Commission.

At the Fifth Central Working Conference on Tibet in 2010, the central government introduced a set of policies of helping Tibet build its own regional commercial bank, in order to ensure leapfrog social and economic development as well as maintain peace and stability in the region.

Local authorities and the China Banking Regulatory Commission (CBRC) earnestly implemented the policies set by the central government, and quickly launched the preparatory work for the regional bank.

The CBRC approved the establishment of the Bank of Tibet in July, 2011. With the concerted efforts of the CBRC, Tibet Regional Banking Regulatory Commission, and other related government agencies, the Bank of Tibet was licensed on Dec. 30, 2011 to conduct financial business in the region.