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
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleHKMA Consults on Supervisory Policy for OTC Derivatives Transactions
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.