Feb 23, 2024 05:53 AM
FINANCE
Shandong AMC Takes Over Hengfeng Bank
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
China’s top banking regulator once described Hengfeng as a “typical example of unsound corporate governance.”
The government of eastern China’s Shandong province has taken control of Hengfeng Bank Co. Ltd., nearly four years after a state-backed bailout to revive the struggling lender marred by embezzlement scandals involving top management.
The Shandong-based joint-stock bank said in a statement that the National Administration of Financial Regulation has approved a deal in which Central Huijin Investment Ltd. — the domestic investment arm of sovereign wealth fund China Investment Corp. — sells 15 billion shares in Hengfeng Bank to Shandong Financial Asset Management Co. Ltd. (Shandong AMC), an investment vehicle owned by the provincial government.
You've accessed an article available only to subscribers
VIEW OPTIONS
- RELATED
Share this article
Open WeChat and scan the QR code
Sign in with Google
Sign in with Facebook
Sign in with 财新