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China Minsheng Bank issues 63.57 bln yuan in loans to support work resumption

29-03-2020

Agencies, Beijing

China Minsheng Bank had issued 63.57 billion yuan (about 9.03 billion U.S. dollars) worth of loans by Tuesday to aid enterprises' COVID-19 fight, according to China Securities Journal.

It had provided more than 100.93 billion yuan of credit to support local businesses' epidemic control and work resumption, the paper said.

During the epidemic control period, China Minsheng Bank has streamlined approval procedures to improve efficiency while innovating its work methods to contain potential infection risks.

The bank has allowed eligible small and micro enterprises to apply for loans of up to 25 million yuan online, using approved housing as collateral in the epidemic period to meet firms' short-term liquidity demand as fast as possible, the paper said.

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