Caixin
Jul 06, 2022 06:07 AM
FINANCE

Henan Village Banks in Fund Freezing Scandal Replace Leadership

China has nearly 4,000 small and medium-sized lenders that collectively control almost $14 trillion in assets.
China has nearly 4,000 small and medium-sized lenders that collectively control almost $14 trillion in assets.

Four village banks in central China’s Henan province that are under investigation for freezing billions of yuan of customer savings named new top leadership in a reshuffle orchestrated by the provincial government, Caixin learned from people familiar with the matter.

Each of the four lenders named a new chairman, chairman of the board of supervisors and senior executives, they said in statements posted on their websites. The banks are Yuzhou Xin Min Sheng Village Bank, Tuocheng Huanghuai Village Bank, Shangcai Huimin Village bank and Kaifeng Xin Dong Fang Village Bank.

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