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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Central bank to take measures in support of Yichuan bank
    2019-10-31  08:53    Shenzhen Daily

THE central bank and the country’s banking regulator said yesterday they will take “forceful” measures to ensure financial order after a high volume of requests to withdraw savings deposits from Yichuan Rural Commercial Bank in Henan Province.

The Yichuan bank is operating normally and has set enough funds aside for provisions, according to a notice issued by Luoyang branch of the People’s Bank of China and the China Banking and Insurance Regulatory Commission via the official WeChat account of the bank.

Deposits at Yichuan bank are protected under the government deposit insurance program, the central bank said in a separate notice. The two regulators also urged depositors to act rationally.

The Xinxiang branch of the anti-corruption watchdog said yesterday it is investigating Kang Fengli, the former chairman of the rural bank, for suspected corruption. Kang was removed from the posts of chairman and Party chief at the Yichuan bank this month, the watchdog said.

Kang, 53, is being probed for “seriously violating discipline and the law,” it said.

Police in the county said yesterday that they had detained a woman for spreading “false information” about the bank’s imminent bankruptcy.

The bank sought to assure depositors of its financial health after a high volume of over-the-counter requests at some of its branches Tuesday.

The Yichuan bank said it had sufficient assets, good business operation and management, and that the interest of all depositors is protected by law.

By end-2018, the total assets of Yichuan stood at 53.3 billion yuan (US$7.72 billion), and its bad loan ratio was at 2.95 percent, higher than the industry average of around 2 percent, according to a credit report of China Chengxin International Credit Rating Co.

(SD-Agencies)

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