Caixin
Sep 07, 2018 08:18 PM
FINANCE

In Depth: Ambitious Banker’s ‘Shadow Banking’ Scheme Leaves ICBC on Hook for Billions

A branch of Industrial and Commercial Bank of China is seen in Shanghai on May 24. Photo: VCG
A branch of Industrial and Commercial Bank of China is seen in Shanghai on May 24. Photo: VCG

* Industrial and Commercial Bank of China’s Xiangyang branch illegally raised 13.2 billion yuan by selling unregistered investment products to other banks

* Branch used money it raised from Ping An, Zheshang and Citic banks to fund investments that it wasn’t supposed to make

(Beijing) — Zhang Hui wanted to make it big when he took over the operations of the Industrial and Commercial Bank of China (ICBC) in the city of Xiangyang, Hubei province, in late 2012.

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