China's c.bank approves business operations of newly revamped Baoshang Bank

Huishang Bank

30/04/2020 11:01

BEIJING, April 30 (Reuters) - China's central bank said on
Thursday it had approved business operations of Mengshang Bank
to take over the assets and operations of Baoshang Bank.
    China's financial regulators took control of Baoshang last
May due to "serious" credit risks and since then has pushed
forward the restructuring plans of the lender.
    Baoshang's assets, liabilities and operations within the
Inner Mongolia region will be taken over by Mengshang, while its
assets, liability and operations outside that region will be 
taken over in principle by the Huishang Bank  3698.HK , the
central bank said in a online statement. 
    Qiao Junfeng, former vice president of China Construction
Bank's Inner Mongolia branch, is named as president of Mengshang
Bank, the central bank added.
    The registration capital of the new Mengshang Bank is 20
billion yuan, according to a separate statement also released on
Thursday by the central bank.

 (Reporting by Cheng Leng, Yawen Chen and Se Young Lee
Editing by Gareth Jones)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))