A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers.
No they aren't. There's six state owned nationwide banks, 12 nation wide incorporated banks (which function as joint stock companies, and have mixed state owned corporation, municipality, and private corporation stock holders), and many incorporated commercial banks that were privatized from old local credit cooperatives (and have a mixed private and local municipal government ownership, acting in a joint stock capacity, like Bank of Beijing is owned by the municipal government of Beijing and Netherlands ING Bank mostly). There are also some completely private banks like WeBank that have popped up in the last decade.
The incorporated banks having municipal government shareholders is also not that different from banks in the US, like local govt pension funds having investments in banks or local investment in credit unions, except the incorporated Chinese banks have the municipal shares as a much larger portion of the total shares right now.
You could argue that since a lot of shares are owned by municipal governments or state owned corporations that most of the banks are joint state and private ventures, but those banks still function quite differently from a straight up nationalized or communalized bank.
No they aren't. There's six state owned nationwide banks, 12 nation wide incorporated banks (which function as joint stock companies, and have mixed state owned corporation, municipality, and private corporation stock holders), and many incorporated commercial banks that were privatized from old local credit cooperatives (and have a mixed private and local municipal government ownership, acting in a joint stock capacity, like Bank of Beijing is owned by the municipal government of Beijing and Netherlands ING Bank mostly). There are also some completely private banks like WeBank that have popped up in the last decade.
The incorporated banks having municipal government shareholders is also not that different from banks in the US, like local govt pension funds having investments in banks or local investment in credit unions, except the incorporated Chinese banks have the municipal shares as a much larger portion of the total shares right now.
You could argue that since a lot of shares are owned by municipal governments or state owned corporations that most of the banks are joint state and private ventures, but those banks still function quite differently from a straight up nationalized or communalized bank.