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Funded by Shanghai Rural Commercial Bank and five Chongming-located corporate investors, this new village bank is expected to contribute a lot to the local agriculture-involved projects and rural financial service improvement in the near future, said people familiar with the matter.
Presently, the Chongming government promises to give a discount to the new village bank's 3-year-plus agriculture-related loan with an annual interest rate of not less than 1%, with a view to serving more rural companies and residents.
As the lead sponsor, Shanghai Rural Commercial Bank will give a strong support to this village bank by virtue of its advantage in operation, management, technical platform, R&D, and talent introduction. Meanwhile, other five sponsors intend to actively participate in development strategy making of the Chongming-based village bank
Source: dycj.ynet.com (December 29, 2008)
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