China's Zhongyuan Bank to replicate Grameen microcredit model
Zhongyuan Bank Co Ltd, a leading banking group in China, has signed an agreement with Grameen Trust for replicating Grameen Bank's microcredit model on a large scale in China.
The agreement was signed at Yunus Centre in Dhaka on Thursday; Wang Jiong, president of Zhongyuan Bank, led a four-member delegation to a meeting with Nobel laureate Muhammad Yunus.
Officially launched in 2014, the bank is formed through the merger of 13 commercial banks, Yunus Centre said in a statement.
The nationwide bank in China has 13,000 employees, and is headquartered in Zhengzhou, capital of Henan province, the heartland of China.
A tripartite agreement was signed among Zhongyuan Bank, Grameen Ltd (China), a social business promoting company, and Grameen Trust.
The agreement aims to set up Grameen microcredit programme for Zhongyuan Bank based on the principle of social business.
The bank will immediately start prototype development in several experimental branches in Henan province with experts from Grameen Trust.
After successful prototype development, the bank will expand its microloan programme through its nationwide branch network, according to the statement.