Chongqing Rural Commercial Bank expands fintech focus with Zhejiang E-Commerce Bank partnership

Chongqing Rural Commercial Bank’s Fifth Board of Directors approved a connected transaction with Zhejiang E-Commerce Bank (ZJEB) for a comprehensive credit line of CNY 1.2 bn over one year and loan service fees not exceeding CNY 30 million, totaling up to CNY 1.23 bn. CRCB's director, Peng Yulong, also serves as a director at ZJEB, making it a connected transaction under regulatory guidelines.

ZJEB, established in 2015 with a registered capital of CNY 6.5714 bn, is involved in banking and public investment fund sales. As of December 31, 2024, ZJEB reported total assets of CNY 471.035 bn and a net profit of CNY 31.66 bn. The pricing for the transaction is market-based, not exceeding terms offered to non-connected parties.

This strategic move aligns with CRCB’s 2025 half-year report, which highlights a focus on financial technology, industrial development, and ecosystem building to enhance core competitiveness and expand its market influence. Chongqing Rural Commercial Bank continues to strengthen its fintech capabilities, aiming for leadership in the western region and among rural commercial banks nationwide.