Recently, a loan company under Bank of Jilin was approved for dissolution, which has attracted market attention. It was also the first loan company to be approved for dissolution during the year.
The Jilin Supervision Bureau of the State Administration of Financial Supervision recently issued an approval showing that it agreed to dissolve Jilin Dehui Changyin Loan Co., Ltd.
The reply pointed out that after receiving this approval document, the company should immediately cease all business activities, return the financial license to the Jilin Supervision Bureau of the State Administration of Financial Regulation, and go through the relevant procedures in accordance with the requirements of laws and regulations.
According to public information, Jilin Dehui Changyin Loan Company was established in 2007 and is 100% controlled by Bank of Jilin.
According to the Regulations on the Administration of Loan Companies issued by the former China Banking Regulatory Commission in 2009, a loan company is a non-banking financial institution established by a domestic commercial bank or a rural cooperative bank in rural areas with the approval of the China Banking Regulatory Commission in accordance with relevant laws and regulations, specifically to provide loan services for farmers, agriculture and rural economic development at the county level. A loan company is a limited liability company fully funded by a domestic commercial bank or a rural cooperative bank.
Historically, lending companies have rarely appeared in the public eye and their number has been limited. According to the first batch of legal persons of banking financial institutions disclosed by the former China Banking and Insurance Regulatory Commission, as of the end of June 2018, there were 13 loan companies, and this number has been maintained until the end of 2021.
According to the list of legal persons of banking financial institutions, as of the end of 2022, there are only 4 loan companies left, including Jilin Dehui Changyin Loan Co., Ltd., which was approved for dissolution this time, as well as Kaihua Tongji Loan Co., Ltd., Sichuan Yilong Huimin Loan Co., Ltd., and Sichuan Pingwu Fumin Loan Co., Ltd. That is, in 2022 alone, 9 loan companies were dissolved.
In recent years, with the continuous decline of national banking services and the acceleration of the development of inclusive financial business by urban commercial banks and rural commercial banks, the supply of financial services in counties and rural areas has been continuously improved, and the coverage, availability and sense of access to credit services have been significantly improved. In the opinion of experts, the necessity for loan companies to continue to survive and develop has decreased significantly, and the dissolution of loan companies is a normal phenomenon in the industry.
With the establishment of a large number of village and township banks, there are also overlaps and overlaps in the functional positioning and business areas of loan companies and village and township banks. At the same time, the disadvantages of loan companies as small legal entities continue to emerge, such as non-standard operation and management, weak ability to resist risks, etc. Dong Ximiao, chief researcher of Zhaolian, told the Financial Times reporter that the dissolution of the financial regulatory department and the orderly withdrawal of loan companies are the trend of the times, which will help prevent and resolve financial risks and optimize the allocation of financial resources. Everybody is watching
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