On 7 November 2020, Sichuan Bank (SCB) was officially opened for business. The establishment of SCB is an important move taken by Sichuan to implement the decisions and deployments of the CPC Central Committee and the State Council on financial work and to promote structural reform in the financial supply side.
SCB was established in the form of a merger between Panzhihua City Commercial Bank and Liangshan Prefectural Commercial Bank through a series of measures such as asset reorganization, capital enrichment and governance improvement. With a registered capital of RMB 30 billion, the bank ranks first in the size of registered capital among provincial-level commercial banks in China.
King & Wood Mallesons (KWM) served as the legal advisor in the establishment of SCB. KWM team provided comprehensive legal services by engaging in a number of complex tasks, including the regulation of shareholders, disposal of non-performing assets and the introduction of investors.