China Minsheng Banking Corporation (600016.SH) won the approval of the China Banking Regulatory Commission (CBRC) to set up three village banks, reports 21cbh.com, citing a company filing.

A village bank with registered capital of 200 million yuan will be established in Shanghai.

The other two village banks will be located in Penglai, Shandong province and Anxi, Fujian province.

At present, the bank has a total of 14 village banks.

According to the CBRC, China plans to have 1,027 village banks by the end of 2011. The country currently has 349 of such banks.