Global EditionASIA 中文双语Français
Business
Home / Business / Finance

Baoshang put under CBIRC care

By CHEN JIA | China Daily | Updated: 2019-05-25 07:20
View of a branch of Baoshang Bank in Huaibei, East China's Anhui province, March 24, 2018. [Photo/IC]

China's banking and insurance regulatory body took over Baoshang Bank on Friday for one year, as the joint-stock commercial bank is exposed to serious credit risk, according to a statement jointly issued by the People's Bank of China and the China Banking and Insurance Regulatory Commission.

The central bank and the CBIRC will form a special working group in charge of the takeover process.

Starting from Friday, the group will execute business management rights on Baoshang Bank, and China Construction Bank will be the trustee of the bank, the statement said.

"After the takeover, Baoshang Bank will maintain normal operations, and its clients will be able to do business with the bank as usual.

The regulators will protect the legal rights of the bank's depositors and other clients," it said.

The PBOC, the CBIRC and the country's deposit insurance fund will ensure that individual deposits and interest will be fully repaid, and depositors can withdraw money freely, it said.

The takeover will not influence the bank's wealth management products, said the regulators.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US