Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
Central Banks

Xiao Jianhua’s Tomorrow Group duped Baoshang Bank out of US$22 billion in loans, triggering Chinese lender’s collapse, PBOC says

  • Tomorrow Group, founded by vanished oligarch Xiao Jianhua, illegally borrowed US$22.3 billion from Baoshang Bank over the course of 14 years
  • Group interfered with Baoshang Bank’s daily business operations, chipping away at its risk controls, says article in Chinese central bank magazine

Topic |   Central Banks
Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
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