Two banks allowed by CBIRC to enter bankruptcy

China Banking and Insurance Regulatory Commission has agreed, in principle, to let Liaoyang Rural Commercial Bank Co Ltd and Liaoning Taizihe Village Bank Co Ltd enter bankruptcy proceedings, the top banking and insurance regulator in China announced on Friday.

The two banks shall carry out follow-up work in strict accordance with the requirements of relevant laws and regulations, and report to the CBIRC in a timely manner in case of any major circumstances, the regulator said on its website. 

The two banks are both in Liaoyang, Liaoning province.