Three of China’s Big State-owned Banks Hit with over 6 Million Yuan in Fines


Regulators in China have hit branches of three of the country’s big state-owned banks with penalties collectively worth over 6.45 million yuan.

The People’s Bank of China (PBOC) announced on 9 September that it had hit the Beijing branch of China Construction Bank (CCB) with a fine of 4.873 million yuan, for failure to conduct identity checks of clients and illegally engaging in transactions with customers whose identities were unclear.

Zhou Min (周敏) then deputy-president of CCB’s Beijing branch, was also slapped with a fine of 78,400 yuan in relation to the incident.

The Ningbo branch of Industrial and Commercial Bank of China (ICBC) incurred a fine of 1 million yuan for imprudent management of its vehicle instalment loan operations, while the Ningbo headquarters of Bank of Communications’ Asia Pacific Credit Card Centre received a fine of 500,000 yuan for shortcomings in relation to “case prevention management”.