Industrial Bank, China's tenth biggest lender, said Thursday it had received approval from the nation's banking regulator to establish a financial leasing company.

The Fujian-based Industrial Bank said in a statement filed to the Shanghai Stock Exchange that it would prepare in accordance with regulations, and submit an application to commence business to the China Banking Regulatory Commission (CBRC) afterwards.

The Industrial Bank statement gave no other details.

China revised its regulations on financial leasing companies in 2007, allowing financial institutions to participate in or set up financial leasing companies, which focus on renting machinery, power equipment and aircraft to enterprises.

As of the end of July, 2009, the country had 12 financial leasing companies, with combined total assets of 108 billion yuan (15.8 billion U.S. dollars).