File picture of Xiao Jianhua. Photo: Handout

China’s bank regulators take over Baoshang Bank, moving a step closer to breaking up financier Xiao Jianhua’s business empire

  • The People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) have taken over the management of Baoshang Bank for two years, according to a joint statement
  • China Construction Bank will assume the daily operations of Baoshang to protect the interests of customers and depositors, the regulators said
Topic |   Banking & Finance

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File picture of Xiao Jianhua. Photo: Handout
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