SHANGHAI (Reuters) – The Chinese language banking regulator stated on Saturday it had fined a department of the China Building Financial institution (CCB) <601939.SS> <0939.HK>, the nation’s second-largest lender by property, 7,313,511 yuan ($1.09 million) for rule violations.
The southern Shenzhen department of the China Banking and Insurance coverage Regulatory Fee (CBIRC) stated in a press release it had additionally confiscated over 1 million yuan of ill-gotten positive factors.
Amongst different issues, the Shenzhen department of CCB had hidden dangers, used loans for functions than in any other case acknowledged and cash allotted for small- and medium-sized enterprise loans have been used for different functions, it stated.
4 fines have been handed right down to people within the Shenzhen department, who have been discovered to have breached guidelines in reference to actual property loans and payments, it stated.
($1 = 6.6962 Chinese language yuan renminbi)
(Reporting by William Zhang and Engen Tham in Shanghai; Modifying by Raju Gopalakrishnan)
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