PBC and CBIRC jointly announced that, in line with the relevant laws, CBIRC has decided to take over Baoshang Bank Co., Ltd. for one year. The takeover, which starts on May 24th, 2019 and ends on May 23, 2020, is in response to the serious credit risks and is intended to safeguard the legitimate rights and interests of depositors and other clients. Additionally, PBC and CBIRC published, on May 24 and May 26, questions and answers (Q&As) on the takeover of Baoshang Bank Co., Ltd.
A special working group has been jointly established by PBC and CBIRC, in collaboration with other concerned authorities, to take over Baoshang Bank. Zhou Xuedong and Li Guorong have been appointed as Head and Deputy Head of the group, respectively. From the beginning of the takeover, the group will fully execute business management rights on Baoshang Bank Co., Ltd. and entrust the China Construction Bank Corporation (CCB) to handle its business operations. Under the guidance of the working group, CCB has established a task force to work in line with the entrustment agreement. After the takeover, Baoshang Bank Co., Ltd. will be operating normally and providing customer services as usual to safeguard the legitimate rights and interests of depositors and other clients in a law-based manner.
Related Links (in Chinese)
Keywords: Asia Pacific, China, Banking, Q&A, Credit Risk, Baoshang Bank, China Construction Bank, PBC, CBIRC
Previous ArticlePBC Publishes Measures Related to Depository Receipts in China
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.