Consumer Complaints about Chinese Banks Surge 26.5% in Third Quarter, Credit Card Complaints up 43.5%: CBIRC

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The Chinese banking sector saw a surge in complaints from consumers in the third quarter of 2020 according to data from the China Banking and Insurance Regulatory Commission (CBIRC).

CBIRC and its agencies received a total of 85,097 consumer complaints about the banking sector in the third quarter, for rise of 26.5% compared to the previous quarter.

48,406 complaints concerned credit card operations, for an on-quarter rise of 43.5%, and accounting for 56.9% of all banking consumer complaints.

20,219 complaints concerning retail lending operations, for an on-quarter rise of 33.5%, and accounting for 23.8% of all complaints.

4337 complaints concerned wealth management operations, for an on-quarter decline of 59.1%, accounting for 5.1% of all complaints.

27,278 complaints involved big state-owned banks, for an on-quarter rise of 16.1%, accounting for 32.1% of the total. ICBC, China Construction Bank and Bank of Communications received the largest number of complaints amongst state-owned banks.

37,475 complaints concerned joint-stock commercial banks, for an on-quarter rise of 30.6%, accounting for 44.0% of all complaints. China Merchants Bank, Ping An Bank and China CITIC Bank received the largest number of complaints amongst joint-stock commercial lenders.

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