On July 28, the National Financial Regulatory Administration's Xiamen Bureau issued an official approval notice. This notice approves the acquisition of Xiamen Xiang'an Minsheng Village Bank by China Minsheng Banking Corp., Ltd. (ASX: 01988).

According to the document, Minsheng Bank is permitted to establish two new branches following the acquisition. These are the Xiamen Xindian Sub-branch and the Xiamen Fengxiang Small Micro Sub-branch.

The new entity will take over all assets, liabilities, business operations, and employees of Xiamen Xiang'an Minsheng Village Bank after the completion of its asset and liability verification process.

The Xiamen regulatory authority has mandated that Minsheng Bank must strictly adhere to all relevant laws and regulations during the acquisition process. Furthermore, it requires Minsheng Bank to ensure that Xiamen Xiang'an Minsheng Village Bank legally completes its dissolution as a corporate entity.