Featured Product

    PBC and CBIRC Extend Takeover Period of Baoshang Bank Amid Pandemic

    May 23, 2020

    PBC announced that, on the approval of CBIRC, the original timeline for completion of the takeover of Baoshang Bank Co. Ltd. will be extended by six months—from May 24, 2020 to November 23, 2020. This timeline has been extended due to the disruptions caused by the COVID-19 outbreak.

    On May 24, 2019, PBC and CBIRC had jointly announced to take over Baoshang Bank Co., Ltd. for one year, starting from May 24, 2019, in line with the Law of the People’s Republic of China on the People’s Bank of China, the Law of the People’s Republic of China on Banking Regulation and Supervision, and the Law of the People’s Republic of China on Commercial Banks. Since the takeover, the special working group for Baoshang Bank takeover has secured steady progress in the acquisition and transfer of relevant business, asset and capital verification, and the reform and restructuring of the bank. So far, a new bank named Mengshang Bank has been established and put into stable operation. Huishang Bank is also taking over a part of the Baoshang’s assets, liabilities, and businesses. Both these banks are moving ahead with their plans in an orderly manner. However, due to the disruptions caused by the COVID-19 outbreak, the subsequent law-based disposal of Baoshang Bank needs to be postponed as appropriate. 

     

    Related Link (in Chinese): CBIRC Press Release

    Keywords: Asia Pacific, China, Banking, Resolution Framework, Baoshang Bank, Huishang Bank, COVD-19, CBIRC, PBC

    Featured Experts
    Related Articles
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7295