China Regulator Fines China Minsheng Banking Corp $4.16 Million Yuan for Selling Fake Wealth Products
China’s banking regulator (China Banking Regulatory Commission) has fined China Minsheng Banking Corp 27.5 million yuan ($4.16 million) for selling fake wealth management products. Employees had sold wealth management products that did not exist to 150 affluent retail investors.
” China Minsheng Banking Corp fined $4.16 Million for Selling Fake Wealth Products “
The investors were told that the original investors were in urgent need of cash and were willing to cash out of the investment products early at a discount, which will increase the returns on the products. A total of 13 employees were fined and Zhang Ying, the former head of Hangtianqiao branch in Beijing was banned from working in the banking industry for a lifetime.
About China Minsheng Bank
China Minsheng Banking Corporation Limited (China Minsheng Bank, CMBC, or the Company) was formally established in Beijing on 12 January 1996. It is China’s first national joint-stock commercial bank initiated and founded mainly by non-state-owned enterprises.
Over the past 21 years since establishment, along with the rapid growth of China’s economy and the support from customers and various circles of the society, China Minsheng bank has been taking full advantages of “new bank, new mechanism” and has grown from a small bank with only RMB1.38 billion capital into a large-scale commercial bank with over RMB370 billion net tier-one capital, more than RMB5.7 trillion total assets, nearly 3,000 branches, sub-branches and outlets, and around 57 thousand employees. In the Top 1000 World Banks ranking released by The Banker in July 2017, China Minsheng Bank was ranked No.29. In the Global 500 list published by Fortune in July 2017, China Minsheng Bank stood at No. 251.
Visit: China Minsheng Bank
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