Local gov't backed firm in China to invest in troubled Bank of Jinzhou - 21st Century Business Herald

Bank of Jinzhou Co

10/01/2020 07:26

BEIJING, Jan 10 (Reuters) - A firm backed by the local
government in China's northern Liaoning province is likely to
become one of the new strategic investors in troubled Bank of
Jinzhou  0416.HK , financial newspaper The 21st Century Business
Herald reported on Friday.
    Huida Asset Management Ltd, an entity wholly owned by one of
the country's four largest distressed-asset managers, Cinda
Asset Management  1359.HK , but directly supervised and managed
by the central bank, will also invest in the lender, the
newspaper said, citing unidentified banking and regulatory
sources.
    The Bank of Jinzhou is under restructuring after a
government-led rescue since last July. Three state-controlled
financial institutions said previously they would take at least
17.3% in the troubled lender.  urn:newsml:reuters.com:*:nL4N24T06B

 (Reporting by Cheng Leng and Ryan Woo; Editing by Kim Coghill)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))