China will merge 10 commercial banks based in Jiangsu Province along the mainland's east coast to form a new bank, the China Daily reported, citing Xinhua. Based in Jiangsu's capital city of Nanjing, the new bank will be formally established later this year. The new bank would invite foreign strategic investors to further boost its capital base, said the agency. However, a plan to dispose of the banks' non-performing assets has yet to be mapped out, said the paper. China has restructured the country's largest state run banks by removing billions of dollars of bad loans from their books and bringing in foreign strategic investors, resulting in the successful listings of the China Construction Bank and Bank of China.