China’s antitrust watchdog fines Citic Bank, Baidu unit for failing to report digital bank venture

//China’s antitrust watchdog fines Citic Bank, Baidu unit for failing to report digital bank venture

China’s antitrust watchdog fines Citic Bank, Baidu unit for failing to report digital bank venture

China’s antitrust regulator has expanded its anti-monopoly crackdown to the banking sector, penalising the two shareholders of a digital bank 500,000 yuan (US$78,280) each for failing to report their joint venture ahead of its formation in 2015.The State Administration for Market Regulation (SAMR) said on its website on the weekend that China Citic Bank and Fujian Baidu Bo Rui Netcom, which own 70 per cent and 30 per cent, respectively, of Citic AiBank, had violated the country’s anti-monopoly…

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By | 2021-11-23T11:50:34+00:00 November 23rd, 2021|Business|Comments Off on China’s antitrust watchdog fines Citic Bank, Baidu unit for failing to report digital bank venture