PBC and CBIRC Extend Takeover Period of Baoshang Bank Amid Pandemic
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
Previous Article
BNB Allows Relaxation in Loan Payments Amid COVID-19 OutbreakRelated Articles
ISSB Sustainability Standards Expected to Become Global Baseline
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
BCBS Assesses NSFR and Large Exposures Rules in US
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.
Global Agencies Focus on ESG Data, Climate Litigation and Nature Risks
At the global level, supervisory efforts are increasingly focused on addressing climate risks via better quality data and innovative use of technologies such as generative artificial intelligence (AI) and blockchain.
ISSB Standards Shine Spotlight on Comparability of ESG Disclosures
The finalization of the IFRS sustainability disclosure standards in late June 2023 has brought to the forefront the themes of the harmonization of sustainability disclosures
EBA Issues Several Regulatory and Reporting Updates for Banks
The European Banking Authority (EBA) recently issued several regulatory publications impacting the banking sector.
BCBS Proposes to Revise Core Principles for Banking Supervision
The Basel Committee on Banking Supervision (BCBS) launched a consultation on revisions to the core principles for effective banking supervision, with the comment period ending on October 06, 2023.
US Proposes Final Basel Rules, Transition Period to Start in July 2025
The U.S. banking agencies (FDIC, FED, and OCC) recently proposed rules implementing the final Basel III reforms, also known as the Basel III Endgame.
FSB Report Outlines Next Steps for Climate Risk Roadmap
The Financial Stability Board (FSB) recently published the second annual progress report on the July 2021 roadmap to address climate-related financial risks.
EBA Plans on Ad-hoc ESG Data Collection and Climate Scenario Exercise
The recognition of climate change as a systemic risk to the global economy has further intensified regulatory and supervisory focus on monitoring of the environmental, social, and governance (ESG) risks.
