Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang
Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang

China’s central bank declares Baoshang Bank bankrupt as it picks apart Xiao Jianhua’s financial empire

  • Insolvent Baoshang Bank was unable to find new investors for recapitalisation before the government stepped in to set up a new lender to take over its assets, the central bank says
  • Baoshang Bank will proceed to the bankruptcy procedure and the stakes held by Xiao’s Tomorrow Group will be liquidated, PBOC says

Topic |   Banking & Finance
Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang
Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang
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