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China approved creation of 19th private bank

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China’s banking regulator approved the creation of a second private bank this year, bringing the total number of private banks in the country to 19.

Shanghai-listed Jiangsu Hongdou Industry Co. Ltd., a men’s apparel maker, announced Tuesday that it obtained regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC) to establish Wuxi Xishang Bank.

Xishang Bank has a proposed registered capital of 2 billion yuan ($282 million), of which Hongdou Industry will invest 100 million . . .

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