China’s bank regulators take over Baoshang Bank, moving a step closer to breaking up financier Xiao Jianhua’s business empire

//China’s bank regulators take over Baoshang Bank, moving a step closer to breaking up financier Xiao Jianhua’s business empire

China’s bank regulators take over Baoshang Bank, moving a step closer to breaking up financier Xiao Jianhua’s business empire

China’s central bank and banking regulator have taken over control of a commercial lender linked to disgraced financier Xiao Jianhua, as the authorities take a step forward in breaking up his sprawling business empire.The management of Baoshang Bank, based in Inner Mongolia’s Baotou city, was taken over by the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) with immediate effect for a year to contain its credit risk, according to a Friday…

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By | 2019-05-24T13:15:12+00:00 May 24th, 2019|Business|Comments Off on China’s bank regulators take over Baoshang Bank, moving a step closer to breaking up financier Xiao Jianhua’s business empire