UPDATE 1-China's Baoshang Bank to be taken over by local govts, state firms [Reuters (UK)]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Reuters
UPDATE 1-China's Baoshang Bank to be taken over by local govts, state firms - Reuters 3 Min Read (Adds details, background) By Rong Ma, Cheng Leng and Ryan Woo BEIJING, Jan 21 (Reuters) - China’s troubled Baoshang Bank will be taken over by local governments and a group of state firms, a central bank official with direct knowledge of the matter said, as Beijing looks to shore up some of the country’s weakest lenders. Financial regulators took control of Inner Mongolia-based Baoshang Bank last May, citing serious credit risks. That takeover rattled domestic markets, pushing up interbank funding costs for some smaller lenders and prompting the central bank to inject cash into the banking system to prevent contagion risks. The governments of China’s Inner Mongolia Autonomous Region and Baotou, a major city in the region, will lead the acquisition of at least a 50% stake in a reorganised Baoshang Bank, according to the official, who declined to be identified given the sensitivity of the m
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