China banking regulator fines five firms over irregularities (updated)

China Bohai Bank

17/02/2023 11:16

(Adds detail)
       BEIJING, Feb 17 (Reuters) - China's banking and
insurance regulator imposed penalties totaling 387.7 million
yuan ($56.3 million) in fines and the confiscation of illegal
gains on five financial institutions, it said on its website on
Friday.
    The move came as China steps up a crackdown on financial
misconduct to prevent risks in the broader economy.
    The China Banking and Insurance Regulatory Commission
(CBIRC) said it had fined and confiscated illegal income of
Standard Chartered's  STAN.L  China unit totaling 49.7 million
yuan over multiple violations, including illegal property loans
and misuse of consumer loans.
    China Construction Bank  601939.SS   0939.HK  was fined and
had confiscated illegal income totaling 198.9 million yuan for
misconduct, including illegally providing loans to local
government financing vehicles and inaccurately reporting
statistics in small and micro business loans and in its wealth
management business.
    Bank of China  601988.SS   3988.HK , China Minsheng Bank
 600016.SS   1988.HK.HK  and China Bohai Bank  9668.HK  were
also fined for irregularities. 
    ($1 = 6.8810 Chinese yuan renminbi)
 (Reporting by Ziyi Tang, Ryan Woo and Beijing Newsroom; Editing
by David Holmes)
 ((Ziyi.Tang@thomsonreuters.com;))