A Postal Savings Bank branch in Beijing. The bank was fined US$80 million over its role in lending to scandal-hit Guangfa Bank. Photo: Reuters

China’s Postal Savings Bank fined US$80 million for role in Guangfa fraud scandal

The bank was one of 13 institutions that lent money to Guangfa, staff at one of whose branches had created fake guarantee letters for two corporate bonds

Topic |   Financial regulation

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A Postal Savings Bank branch in Beijing. The bank was fined US$80 million over its role in lending to scandal-hit Guangfa Bank. Photo: Reuters
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