Jul 29, 2022 06:59 AM

FINANCE

Finance Ministry Gets Direct Ownership Stake in Guangfa Bank

By Chen Bo and Denise Jia

What’s new: China Guangfa Bank Co. Ltd. received approval for a shareholding change, becoming the sixth bank partially owned directly by the Ministry of Finance.

The China Banking and Insurance Regulatory Commission (CBIRC) approved the transfer of 1.14 billion shares, or 5.22%, of Guangfa Bank from state-owned State Grid Yingda International Holdings Co. Ltd. to the Ministry of Finance, the commission said Wednesday. The transfer will involve no exchange of funds.

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