Baoshang Bank takeover connected to misappropriation of funds but was an isolated case, China’s central bank says

//Baoshang Bank takeover connected to misappropriation of funds but was an isolated case, China’s central bank says

Baoshang Bank takeover connected to misappropriation of funds but was an isolated case, China’s central bank says

China’s central bank said the government takeover of Baoshang Bank Co. was an isolated case, while revealing the seizure was triggered by misappropriation of funds by its largest shareholder.The People’s Bank of China said on Sunday that it does not have plans to take over other institutions and that it’s confident in maintaining financial stability in markets, according to a statement released on its website.Tomorrow Group, an investment conglomerate led by financier Xiao Jianhua, holds about…

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By | 2019-06-02T16:27:51+00:00 June 2nd, 2019|Headlines|Comments Off on Baoshang Bank takeover connected to misappropriation of funds but was an isolated case, China’s central bank says