China's oil company plans to set up its own bank, and the oil finance is becoming a new trend!
November 1st, Reuters reported that two company executives pointed out that China Watson Energy plans to set up its own bank early next year, which is the lastest move that in addition to oil and gas assets China Watson taking to enhance its financial strength . It should be further noted that on July 22nd, 2016, China Banking Regulatory Commission agreed Shanghai Huaxin International Group Co., Ltd. to set up Shanghai Huaxin International Group Finance Co., Ltd. in Shanghai. The news once exposed, have been well-known to domestic financial media, such as Phoenix Finance, NetEase Finance and other communications forwarded. At the same time, the news was also wildly scrubbed by professionals in the "financial circle" and "oil circle". An expert on the financial sector said: "The fact that oil companies started to enter the financial circle is not really an explosive news but it exposes an industry trend." Reuters quoted two unnamed Watson executives as saying: "The bank controlled by China Watson is expected to be approved early next year with a registered capital of 5 billion yuan (755 million U.S. dollars), at that time, China Watson will become the world's few privately owned commercial banks ,which is one of the energy companies. " It won't take a lot of time , a month is quite enough. China Watson agreed to acquire more than 14% of the shares of Rosneft, the world's largest listed oil company. The move has made Watson which always holds a low-key attitude become a global energy company, which is well known in the world. The comment information cannot be found in China Watson official website, where impressively wrote such a sentence: "China Watson regards expanding international energy and economic cooperation as a strategy, which is driven by the management and investment of energy industry to build an organized international investment bank for energy and striving for the right to speak in the international industry. "