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China approves Bank of Liaoning's acquisition of local banks

China approves Bank of Liaoning's acquisition of local banks

A man rides an electric bike past the China Banking and Insurance Regulatory Commission building in Beijing, China, Feb14, 2019. (File photo: Reuters/Stringer

BEIJING : China's banking and insurance regulator on Thursday said it had approved the acquisition by Bank of Liaoshen, the newly established lender of China's northeastern rustbelt Liaoning province, of two smaller local banks.

Bank of Liaoshen will take over all post-audit assets and liabilities of Bank of Liaoyang and Yingkou Coastal Bank, as well as all businesses and staffs of the two lenders, according to a notice from the China Banking and Regulatory Commission. (CBIRC)

Some smaller banks in Liaoning have been hit by a rush of deposit withdrawals since late 2019, fuelled by persistent depositor speculation about funding crunches and poor corporate governance in an economy weakened by the COVID-19 pandemic.

(Reporting by Cheng Leng and Ryan Woo; Editing by Edmund Blair)

Source: Reuters

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