China banking regulator fines five firms over irregularities

CHINA’S banking and insurance regulator imposed penalties totaling 387.7 million yuan (S$75.5 million) in fines and the confiscation of illegal gains on five financial institutions, it said on its website on Friday (Feb 17).

The move came as China steps up a crackdown on financial misconduct to prevent risks in the broader economy.

The China Banking and Insurance Regulatory Commission (CBIRC) said it had fined and confiscated illegal income of Standard Chartered’s China unit totaling 49.7 million yuan over multiple violations, including illegal property loans and misuse of consumer loans.

China Construction Bank was fined and had confiscated illegal income totaling 198.9 million yuan for misconduct, including illegally providing loans to local government financing vehicles and inaccurately reporting statistics in small and micro business loans and in its wealth management business.

Bank of China, China Minsheng Bank and China Bohai Bank were also fined for irregularities. REUTERS