• Tue
  • Sep 2, 2014
  • Updated: 5:13am

Huaxia Bank

In tackling shadow banking, China needs to pick a small target first

China’s “shadow banks” have been one of the hottest topics in the financial press lately. Bank of China chairman Xiao Gang, who according to recent rumours would likely take over as China’s top banking regulator soon, has called for tighter regulation.

Tuesday, 29 January, 2013, 8:57am

Beijing urged to take quick action on shadow banking

Mainland regulators must take quick action to stop the so-called shadow banking problem from snowballing, which has emerged as one of the top threats to the nation's financial stability this year, analysts warn.

29 Jan 2013 - 8:58am

Scandals set off watchdog warnings

Shanghai's banking regulator has told lenders to set up telephone hotlines for complaints about staff misconduct in selling wealth management products.

The move is seen as a gesture towards protecting consumer rights after a slew of irregularities in the banking sector.

25 Jan 2013 - 4:56am

Guarantor repays principal on failed Huaxia product

Bankers are breathing easier after more than 90 investors in a failed wealth management product sold at a Huaxia Bank branch in Shanghai were repaid by the product's guarantor.

Two investors who bought the product said Zhongfa Investment Guarantee recently paid them back the principal amounts they had invested after the borrower, Zhongding Wealth Investment Centre, collapsed.

23 Jan 2013 - 3:55am

Banking regulator warns about wealth management products

The banking regulator has told mainland lenders to "strictly" supervise the design, sale and investment of their wealth management products as it seeks to curb risks from banks' off-balance-sheet businesses.

15 Jan 2013 - 4:15am

Failed wealth fund raises mainland alarm over banks

Those who complain of an overregulated banking system on the mainland and heavy-handed intervention by the government in lenders' business operations were recently given reason to rethink their conclusions.

The default of a wealth management product issued by a branch of Huaxia Bank in Shanghai's Jiading district exposed the lax management and supervision of banking outlets.

4 Jan 2013 - 2:48am

Lenders told to monitor shadow banking sales

The mainland's banking regulator has called on lenders to tighten checks on third-party products sold through their branches in a bid to step up regulation of the shadow banking sector.

20 Dec 2012 - 3:19am

Loose credit policy increases risk in China, Nomura warns

Risks were accumulating in the mainland's trust loans and wealth management products, with more scandals like that of Huaxia Bank expected to emerge next year, a top economist at Nomura Securities said.

14 Dec 2012 - 4:43am

Huaxia scandal spotlights China's Ponzi crisis

It is an all-too-familiar tale. Depositors trust a bank with their cash in the hope their wealth will be managed well, only to find that the money has evaporated at the end of the agreed term.

10 Dec 2012 - 3:32am

Briefs, December 5, 2012

Bankers' pay needs to be curbed further to reflect the risk of a bank failure many years after a bonus has been awarded, the Bank of England said. Measures to date include requiring part of bonuses to be paid in shares over several years, typically three, but Britain's central bank says these do not go far enough. It called for contracts to provide "sufficient incentives for executives to consider the full implications for long-term business performance". 

5 Dec 2012 - 4:58am

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