A long-planned banking joint venture between China Merchants Bank Co. Ltd. (CMB) and the fintech unit of e-commerce giant JD.com Inc. fell apart after more than five years of preparation.

CMB, one of the country’s largest commercial banks, said Friday that its board decided to withdraw an application to open China Merchants Tuopu Bank and terminate preparations.

China Merchants Bank drops banking venture with JD.com comes via ChinaTechNews.com.