China Minsheng Bank handed fine in fake wealth management products case
China Banking Regulatory Commission said the case exposed lax internal control and risk management at the Beijing-based lender
China Minsheng Banking Corp has been fined 27.5 million yuan (US$4.2 million) in the fake wealth management products case that exposed lax internal control and risk management at the lender, according to the China Banking Regulatory Commission.
A total of 13 bank employees were fined for selling wealth management products to about 150 affluent retail investors that did not even exist.
Zhang Ying, the former head of the bank’s Hangtianqiao branch in Beijing, was handed a lifetime ban from working in the banking industry.
The regulator also ordered the bank to rectify its wrongdoings, without making it clear how the investors would be compensated.
The bank had said earlier that it would try its best to safely secure the funds and assume legal responsibility.