3 Billion Yuan Disappears from China Minsheng Bank
The disappearance of 3 billion yuan from China Minsheng Bank’s private banking accounts has shown the poor internal controls in China. An accidental inquiry from an investor has shown that the wealth management products sold by a Minsheng branch did not even exist. Investors are still waiting for compensation and an explanation from the bank.
“An accidental inquiry from an investor has shown that the wealth management products sold by a Minsheng branch did not even exist.”
~ South China Morning Post
Multiple sources have cited that one of the branch managers had taken around 3 billion yuan from wealth management funds to use in issuing a loan without official approval.
About China Minsheng Bank
China Minsheng Bank was formally established in Beijing on 12 January 1996. It is China’s first national joint-stock commercial bank initiated and funded mainly by non-state-owned enterprises. Over the past 20 years since establishment, accompanied by the rapid growth of China’s economy and supported by customers and various circles of society, China Minsheng bank has been taking full advantages of “new bank, new mechanism”, and has grown from a small bank with only RMB1,380 million of initially registered capital into a large-scale commercial bank with RMB320,000 million of core capital, more than RMB5,200,000 million of total assets, nearly 3,000 branches and outlets, and almost 60,000 employees.
Visit: China Minsheng Bank
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