Bank of Communication (BoCom)(601328.SH) was approved by the China Banking Regulatory Commission to acquire a 20-percent stake in Bank of Tibet for 300 million yuan, reports yicai.com, citing a company filing.

BOCom is currently engaged in system construction, technique support and staff training for the formation of the Bank of Tibet.

Bank of Tibet will have initial equity of 1.5 billion yuan and will be formed by jointly by 15 renowned enterprises, the source said.