China's Bank of Jinzhou to release 2018 report in August - official

Bank of Jinzhou Co

29/07/2019 02:44

TOKYO, July 29 (Reuters) - China's Bank of Jinzhou  0416.HK 
plans to release its 2018 annual report in August, a senior bank
official was quoted as saying by state media, following
investments in the troubled lender by government-backed
institutions. 
    "At the moment, audit organisations are paying close
attention to auditing our bank and are making smooth progress.
We expect to release the 2018 annual report before the end of
August," Sun Jing, secretary of the board of Bank of Jinzhou,
was quoted as saying on the website of the People's Daily, the
official newspaper of China's ruling Communist Party.
    Sun said that while Bank of Jinzhou's liquidity management
had come under pressure in recent weeks, the bank is operating
normally.
    Industrial and Commercial Bank of China (ICBC)  601398.SS ,
 1398.HK , the country's largest lender by assets, and China
Cinda Asset Management  1359.HK  and China Great Wall Asset
Management, two of China's four largest distressed debt
managers, said on Sunday they would take stakes in Bank of
Jinzhou.  urn:newsml:reuters.com:*:nL4N24T06B
    Financial markets have been jittery about the health of
China's smaller banks after regulators took over Inner
Mongolia-based Baoshang Bank on May 24, rattling interbank
markets and sending some firms' borrowing costs spiking.
    Bank of Jinzhou has delayed the release of its annual report
for 2018, and its shares have been suspended since April. The
lender's auditor, EY, had quit before signing off on the bank's
2018 accounts in June, after being unable to agree with the bank
on the usage of some loans.  

 (Reporting by Andrew Galbraith; Editing by Jacqueline Wong)
 ((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))