Two Banks in Hebei Dissolve in Regulatory Consolidation Push

Two village banks in northern China’s Hebei province will be dissolved after their businesses are acquired by their controlling shareholder as part of a regulatory push to consolidate small rural lenders through mergers and restructuring.

Fucheng Jiayin Village Bank and Wuqiang Jiayin Village Bank received approval from the Hebei bureau of the China Banking and Insurance Regulatory Commission (CBIRC) to dissolve and transfer all of their businesses, properties, creditors’ rights, debt and obligations to Zhangjiakou Bank, the regulator said Wednesday in a statement.