Aug 22, 2023 04:55 AM

FINANCE

Three Banks Fined $15.9 Million for Loan-Related Breaches

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What’s new: China’s financial regulators slapped fines totaling 115 million yuan ($15.9 million) on three major commercial banks for loan-related violations.

The Agricultural Bank of China, one of the biggest state-backed lenders, was fined 44.2 million yuan for 19 violations, including breaches in loan issuance to provide unauthorized loans to property developers, according to the National Administration of Financial Regulation (NAFR).

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