China regulator gives approval for Baoshang Bank to file for bankruptcy
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[BEIJING] China Banking and Insurance Regulatory Commission (CBIRC) said on Monday it had given its approval for Baoshang Bank to start bankruptcy proceedings, after the regulators took control of the lender in May 2019 citing serious credit risks.
The takeover was scheduled to end on Monday.
The central bank said in August it would allow Baoshang to file for bankruptcy and would liquidate any remaining assets.
The regulators have also approved Mengshang Bank, a newly revamped bank based in Inner Mongolia, and Hong Kong-listed Huishang Bank to take over Baoshang's assets and operations.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
