A passer-by looks at the advertisement of a universal insurance policy and other wealth management products sold by Anbang Group at a China Guangfa Bank outlet in Shanghai. Photo: SCMP

China’s regulator slaps nation’s biggest fine on Guangfa Bank for fraud, and for covering it up

Branch staff had created fraudulent letters of guarantee for two bonds that later went into default

Topic |   Financial regulation

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A passer-by looks at the advertisement of a universal insurance policy and other wealth management products sold by Anbang Group at a China Guangfa Bank outlet in Shanghai. Photo: SCMP
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