Chinese regulator to take over Baoshang Bank for a year due to credit risks

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BEIJING, May 24 (Reuters) – China’s central bank said on Friday that the banking and insurance regulator will take over Inner Mongolia-based Baoshang Bank due to serious credit risks.

The takeover will last a year, the People’s Bank of China said in a statement on its website.

China Construction Bank (CCB) will be entrusted to handle the business operations of Baoshang, according to the statement. (Reporting by Cheng Leng and Beijing Monitoring Desk; Editing by Nick Macfie)

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