Rumors on the Internet revealed that the Chinese B2B e-commerce group Alibaba has set up a commercial bank subsidiary, which has gained the approvals of the People's Bank of China and China Banking Regulatory Commission.
Offshore software development company VanceInfo Technologies Inc. will deploy an outsourced development center for China Merchants Bank.
China Merchants Bank has opened a branch at 535 Madison Avenue, New York, N.Y. — the first branch opened by a Chinese banking institution since the adoption of Foreign Bank Supervision Enhancement Act of 1991.