Central bank takes over Baoshang due to ‘serious credit risk’

Rebecca Feng

May 27, 2019 11:15 am

Unhappy_1_230px — Stressed businessman after business project failure, covering eyes in despair and hand gesturing stop to camera. | Igor Stevanovic/Bits and Splits - Fotolia

The People’s Bank of China (PBoC) and the China Banking and Insurance Regulatory Commission (CBIRC) have taken control of Baoshang Bank, a mid-sized regional bank, the PBoC said last Friday evening. The takeover will last a year.

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Rebecca Feng