China's Huishang Bank offers to take over Baoshang's four branches

Huishang Bank

06/02/2020 11:09

Feb 6 (Reuters) - China's Huishang Bank  3698.HK  on
Thursday announced a proposal to take over four branches of
troubled lender Baoshang Bank.
    Under the proposed deal, Huishang will buy the bank's assets
outside Inner Mongolia Autonomous region and take over the
business and employees of Baoshang's Beijing, Shenzhen, Chengdu
and Ningbo branch.
    Baoshang Bank became the first high-profile case of China's
small lender crisis as financial regulators took control of the
lender in May last year due to "serious" credit risks, rattling
domestic markets and prompting the central bank to inject cash
into the banking system to prevent contagion risks.  urn:newsml:reuters.com:*:nL4N29D279

($1 = 6.9709 Chinese yuan renminbi)

 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Alex
Richardson)
 ((Shriya.Ramakrishnan@thomsonreuters.com; +91 8061822842 ;))