The rural credit cooperative system in Shanghai will be transformed into a new shareholding bank - the Shanghai Rural Commercial Bank, which is expected to be established in the next half of this year.

The restructured rural credit cooperative system is named Shanghai Rural Commercial Bank Co., Ltd., the Shanghai Rural Commercial Bank for short. A system featuring internal management and administration in the head office and branches of the bank will be implemented and the general meeting of shareholders, the board of directors, the managing team and the board of supervisors will be set up to form a business mechanism featuring the balance of decision making, execution and supervision and the integration of power and constriction.