On June 4, 2021, the Sichuan office of the China Banking and Insurance Regulatory Commission issued the Official Reply to the Preparation for Establishing Mianyang Rural Commercial Bank Co., Ltd. approving the establishment of Mianyang Rural Commercial Bank Co., Ltd. ("Mianyang Rural Commercial Bank"). On June 30, 2021, the Mianyang office of the China Banking and Insurance Regulatory Commission Mianyang issued the Reply on Approving the Opening of Mianyang Rural Commercial Bank Co., Ltd., approving the opening of the bank and its 117 branches. On July 6,2021 Mianyang Rural Commercial Bank obtained the financial license issued by the Mianyang office of the China Banking and Insurance Regulatory Commission (CBIRC). On July 8, 2021 the bank completed the industrial and commercial registration and obtained a business license issued by the Market Supervision Administration of Mianyang City. Mianyang Rural Commercial Bank has now been officially established and approved for business.
Mianyang Rural Commercial Bank was established upon the merger of Fucheng District Rural Credit Cooperative Union of Mianyang City, Youxian District Rural Credit Cooperative Union of Mianyang City and Sichuan Anzhou Rural Commercial Bank Co., Ltd. The newly established Mianyang Rural Commercial Bank, with a total of 2.2 billion shares, has deposits and loans with of CNY 74.9 billion and assets of CNY 54.3 billion. It has become the largest urban rural commercial bank in the agricultural credit system of Sichuan Province.
As the legal counsel for the project, JunHe provided the full set of legal services for the establishment of Mianyang Rural Commercial Bank from 2020 to the present. JunHe’s team assisted in formulating the preparatory establishment plan, participated in the disposal of the original stock capital of the credit cooperative, assisted in formulating the investor introduction plan and examined the qualifications of the promoters' shareholders. They also witnessed the member representatives (shareholders) meeting of the credit cooperative and the inaugural meeting of Mianyang Rural Commercial Bank. The JunHe team's high level of professional ability, rigorous and efficient work style, and rich experience in solving difficult problems has been recognized by the preparatory team, the relevant regulatory agencies, and the government departments.