China Merges Hundreds of Rural Banks as Financial Risks Mount [BNN Bloomberg (Canada)]
AGRICULTURAL B/C UNSP/ADR (ACGBY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
After engineering mergers of rural cooperatives and rural commercial banks in at least seven provinces since 2022, policymakers pinpointed tackling risks at the $6.7 trillion sector as one of its top priorities for this year. That means another wave of consolidation is on the way across the nation. China's banking industry has been weighed down by a litany of troubles over the past years, including a deepening slump in the real estate market and an overall fragile economy. The 2,100 banks in the rural cooperative system saw their bad-loan ratio stand at 3.48% at the end of 2022, more than twice as high as that for the whole sector. “It's where risks are the most concentrated among smaller financial institutions, so China is pushing the reform at a faster pace,” said Liu Xiaochun, deputy director of think-tank Shanghai Finance Institute. “And one key solution to resolving the risks is through mergers and reorganizations.” The stakes are high politically as well. Hundreds of peop
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