News from Beijing Business Today (journalist Cui Qibin and Cheng Weimiao) After the preparation for nearly two years, Baixin Bank that attracted the attention of the industry finally opened. On August 21, the preparation team of Banxin Bank received the Approval of China Banking Regulatory Commission (CBRC) on the Opening of CITIC Baixin Bank Co., Ltd. to approve the opening of Baixin Bank. It is China's direct-selling bank that adopts independent legal person operation mode. Some insiders believed that the “birth” of Baixin Bank was expected to break through the tepid direct-selling bank conditions at present.

Baixin Bank was sponsored by CITIC Bank and Baidu, which subscribed 1.4 billion and 600 million shares of Baixin Bank respectively with the shareholding ratio of 70% and 30%. The approved chairman and president of Baixin Bank were from CITIC Bank. According to the aforesaid reply, CBRC approved the qualification of Li Qingping and Li Rudong who served as the chairman and the president of Baixin Bank respectively. Data show that Li Qingping serves as the chairman of CITIC Bank and Li Rudong as the director of E-bank Department of CITIC Bank.

The form dominated by bank is different from the previous private bank under internet company or direct-selling bank under traditional e-bank. More importantly, Baixin Bank is China’s first direct-selling bank with independent legal person qualification. “This is the direct-selling bank in a real sense and the common organization form of direct-selling bank in the world”, said by Dong Ximiao, the guest research fellow of Chongyang Institute for Financial Studies, Renmin University of China. Since 2014 when China’s first direct-selling bank, CMBC Direct-selling Bank was put into operation, many banks promoted direct-selling bank successively thereafter.