China's banking regulator said on Friday that it will permit the establishment of more privately-owned banks and allow foreign investors to participate in the reform process to help shore up the state-dominated financial sector.The government has taken a series of steps to increase the participation of private capital in the financial sector with the aim of improving services to non-state companies and lessening government liabilities in the banking sector."Promoting the development of private banks helps deepen financial system reforms, stimulate the vitality of financial markets and shore up financial institutions," the China Banking Regulatory Commission (CBRC) said in a guidance note for setting up private banks. "We should treat domestic capital, state-owned capital and overseas capital fairly and equally, and actively encourage qualified private firms to launch private banks," it said.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI traded higher by 1.16% or $0.29/share to $25.20. In the past year, the shares have traded as low as $21.67 and as high as $27.02. On average, 27195 shares of FISI exchange hands on a given day and today's volume is recorded at 17968.