Gansu Rural Commercial Bank Approved to Commence Operations, Gansu Provincial Union and 66 Other Restructuring-Related Institutions Dissolved

Gansu Rural Commercial Bank Officially Approved to Open

On March 20, the Gansu Financial Regulatory Bureau announced that it approved the opening of Gansu Rural Commercial Bank (hereinafter referred to as Gansu Rural Bank) and its branches. At the same time, it approved the dissolution of 66 related institutions involved in the reform, including the Gansu Rural Credit Cooperative Union (see attached list), with related claims and debts to be inherited by Gansu Rural Commercial Bank Co., Ltd.

The Gansu Financial Regulatory Bureau approved a registered capital of 44,918,745,211 yuan for Gansu Rural Bank. Its shareholding structure includes 25,101 individual shareholders and 327 corporate shareholders, accounting for 26.99% and 73.01% of the total share capital, respectively. Among the corporate shareholders, Gansu Financial Holding Group Co., Ltd. holds 53.43% of the share capital, and Jinchuan Group Co., Ltd. holds 6.68%.

The official website of the former Gansu Rural Credit Cooperative Union has been changed to the official website of Gansu Rural Bank.

Pengpai News noted that the official website of the former Gansu Rural Credit Cooperative Union (hereinafter referred to as Gansu Provincial Union) has been replaced with that of Gansu Rural Bank. The website introduction states that Gansu Rural Bank was established through a merger and reorganization based on the Gansu Provincial Union and 90 legal rural commercial banks, rural credit cooperatives, rural cooperative banks, and village banks, forming a unified provincial legal entity bank directly managed by the Gansu Provincial Party Committee and the provincial government.

In terms of personnel, the Gansu Financial Regulatory Bureau approved Wang Wenyong, Chen Jinhui, Li Zhenyu, Yu Wenbao, and Liu Ningli as directors of Gansu Rural Bank; approved Dong Ximiao, Han Bao, and Luo Jinbo as independent directors; and approved Sun Jianhua as employee director.

Additionally, the approval document shows that Chen Jinhui will serve as President and Chief Compliance Officer of Gansu Rural Bank; Qi Xingdu, Bian Haihe, Wang Xiaojun, and Qian Lei will serve as Vice Presidents; Zhao Yingzhong as Risk Director; Li Xiaotong as Chief Financial Officer; Yin Jinliang as Business Director; and Li Xiaomin as Secretary of the Board.

Previously, according to the Gansu Provincial Union’s official website, Wang Wenyong was the Party Secretary and Chairman of the Gansu Provincial Union; Chen Jinhui was the Deputy Party Secretary and Director; Sun Jianhua was the Deputy Party Secretary and Secretary of the Agency Party Committee; Qi Xingdu, Bian Haihe, Wang Xiaojun, and Qian Lei served as Deputy Directors; Zhao Yingzhong as Risk Director; Yin Jinliang as Chief Auditor; and Li Xiaomin as Compliance Director.

The Gansu Financial Regulatory Bureau requires that Gansu Rural Bank should commence operations within six months of receiving its business license. The institutions that have been dissolved should return their financial permits to the issuing authority within 15 days of receiving the administrative licensing decision and handle relevant procedures in accordance with applicable laws and regulations.

An announcement issued by the Gansu Provincial Union on March 20 states that currently, outdoor signage, branch signs, system labels, and business vouchers for the 66 institutions are being gradually replaced. Customers’ existing accounts, cards, receipts, passbooks, as well as mobile banking and online banking services, do not need to be replaced. Legally signed contracts and agreements remain valid, and branch operations and product services are unaffected.

Looking at the reform path of the Gansu Provincial Union, its previous plan was to establish a joint bank, but it later shifted to a unified legal entity model. The 2023 Gansu Provincial Government Work Report proposed “advancing the risk mitigation of high-risk institutions in an orderly manner, cautiously reforming rural credit cooperatives, and establishing Gansu Rural Commercial Bank.” However, in the 2026 Gansu Provincial Government Work Report, this has been revised to “consolidate the reform and risk mitigation achievements of small and medium-sized financial institutions and establish and operate Gansu Rural Commercial Bank.”

List of the 66 institutions involved in the reform: