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Beijing is encouraging competition in asector dominated by state-owned playersA consortium of investors led by Juneyao Group is spearheading a move to set up a privately owned bank on the mainland, in line with the leadership’s attempt to introduce new competitors in the sector dominated by state-owned players.self storageJuneyao, which runs airlines and dairy businesses, along with other privately owned companies including Fosun Group and Shanda Interactive Entertainment, plans to establish a bank with an initial investment of 5 billion yuan (HK$6.3 billion), according to sources with knowledge of the plan.It is still in the application process and it is unclear when the investors will receive the go-ahead from regulators.None of the companies would elaborate on the bank plan.Juneyao, founded by Zhejiang businessman Wang Junyao, is one of the most prominent privately owned business empires on the mainland.After the death of Wang Junyao in November 2004, his brother Wang Junjin became the chairman and has been trying to diversify into finance.Beijing has made it clear that it will encourage private investments into the banking sector. The buzz in the industry is that a bank wholly owned by private investors will debut this year.The state-owned banks have come under criticism for raking in easy profits without providing the necessary succour to the economy.These banks enjoy a high net interest margin because of the h迷你倉ge spread between the high lending and low deposit rates. They normally grant massive loans to state-owned companies but are reluctant to extend credit to cash-hungry small businesses and individuals.The introduction of private banks could help break the monopoly of the state lenders and support small businesses.The move would also tie in with efforts by the new leadership to overhaul the finance sector.“How can the state banks make so much profit?” Fosun chairman Guo Guangchang said at a banking forum recently. “The profits of about 10 public banks accounted for half of the total generated by the about 2,000 listed firms,” he said, pointing out that the high profitability of banks severely hurt the manufacturing sector.Beijing has been trying to reform the interest-rate mechanism by letting market forces decide deposit and lending rates, which would end the monopoly enjoyed by state lenders.Former premier Wen Jiabao openly criticised mainland banks for making easy profits and had expressed the government’s determination to reform the sector.Last month, the new cabinet led by Premier Li Keqiang published a guideline governing the development of the finance sector that reaffirmed the decision to allow private banks.But the regulators are still understood to be worried about the risks of private banks. There is no deposit insurance system on the mainland to protect depositors in the event of a bank failure.文件倉