Caixin
Sep 12, 2018 08:55 PM
FINANCE

Two More ICBC Branches in Hubei Caught Dodging Lending Caps

A branch of the Industrial and Commercial Bank of China is seen in Yichang, Hubei province, in July 2014. Photo: VCG
A branch of the Industrial and Commercial Bank of China is seen in Yichang, Hubei province, in July 2014. Photo: VCG

* New cases in particular show that the scope of such misconduct at ICBC went well beyond a single city branch in Hubei province

* The case underlines “six years of sloppy management at the Shiyan branch and a lack of oversight by the bank’s managers at the provincial level,” according to an internal ICBC document

(Beijing) — Two branches of China’s largest bank are under investigation in Hubei province for illegal fundraising and loan fraud, with each of the cases involving hundreds of millions of yuan, people familiar with the matter said.

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