Shang Meng Bank was jointly established by Deposit Insurance Fund Management Company, China Construction Bank, Shang Hui Bank, Inner Mongolia Finance Department, Baotou Finance Bureau and some powerful state-owned enterprises. The bank is located in a city commercial bank, and its business scope is limited to Inner Mongolia, mainly serving the economic and social development of Inner Mongolia.
On April 30, 2020, with the approval of China Banking Regulatory Commission, eight sponsors, including the Finance Department of Inner Mongolia Autonomous Region, Deposit Insurance Fund, CCB Investment and Bank of Shang Hui, initiated the establishment of a wholly state-owned local city commercial bank in Inner Mongolia Autonomous Region.