Beleaguered China Citic Fined For Dozens of Banking Violations

What’s new: China Citic Bank Corp. Ltd. has been fined over 220 million yuan ($31 million) for 56 violations, the country’s top financial regulator announced on Friday.

The penalty includes a 152.4 million yuan fine slapped on the head office of Citic Bank and 67.7 million yuan in fines that the bank’s branches have to pay, according to a statement from the national administration of financial regulation (NAFR).