The first bank in China focusing on technology companies will start operating in July.
Established to provide financial support to small-and-medium sized technology companies in China, the bank will be a joint venture bank between Shanghai Pudong Development Bank and Silicon Valley Bank.
Both companies have a 50 percent stake each. The bank will have an investment capital of 1 billion yuan or $158 million.
"The branch will open in next few months. In an optimistic situation, it will open in July," said a spokesman at the CChina Bank Regulatory Commission.
The branch will open in Shanghai.
The bank will not launch retail businesses in the first three years after the formal launch and is projected to be a regional bank, according to the Shanghai-based Oriental Morning Post.
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