Discount luxury retailer Vipshop has signed a cooperation framework with Inner Mongolia Junzheng Energy & Chemical Group Co. Ltd. (Junzheng) to set up a private bank with registered capital of RMB 2 to 3 billion (USD 311-466 million).
With Junzheng as the biggest shareholder and Vipshop as the second biggest shareholder, the two companies will also be looking for other private enterprises to join the bank. Pending government approval, the online private bank will be called the “Northern Inner Mongolia Online Commercial Bank.”
Junzheng has announced that it resumes trading today on the Shanghai Stock Exchange.