Reginal Thomas
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Alibaba Picked To Invest In China's First Private Banks

Alibaba has been picked as one of the ten companies to invest in China's first privately operated banks. In an effort to revamp the finance system the banks were announced last year in  Beijing. The banks are expected to operate independently and operate withing banking principals. They are mostly expected to focus on lending to small and medium sized business. 

Regulators have not laid out a timetable on when  the banks are expected to start operating.