Image Source ：China Visual

BEIJING, August 26  (TMTPOST) — The China Banking and Insurance Regulatory Commission has allowed Liaoyang Rural Commercial Bank Co Ltd and Liaoning Taizihe Village Bank Co Ltd to enter bankruptcy proceedings.

The two banks should carry out follow-up work in strict accordance with the requirements of relevant laws and regulations, and report to CBIRC in a timely manner in case of any significant circumstance changes.

Among them, the approval of Liaoyang Rural Commercial Bank is dated August 4, 2022. The approval of Liaoning Taizihe Village Bank is dated August 3, 2022. Taizihe Village Bank was initiated by Liaoyang Rural Commercial Bank.

These two banks are new cases following the bankruptcy of Baoshang Bank Co., Ltd. According to Caixin's previous report, on July 2, 2022, Shenyang Rural Commercial Bank Co., Ltd. completed the undertaking of Liaoyang Rural Commercial Bank and Liaoning Taizihe Village Bank. The undertaking was smooth and orderly, with all businesses handled normally. The safety of funds and transactions was not affected in any way.

Established on June 8, 2016, Liaoyang Rural Commercial Bank is a local financial institution with an independent legal personality established in Liaoning Province on the basis of three rural credit cooperatives in Hongwei District, Taizihe District and Gongchangling District of Liaoyang City.

According to the available data, Liaoyang Rural Commercial Bank had assets of 146.8 billion yuan ($21.7 billion), liabilities of 139.7 billion yuan ($20.7 billion) and a net profit of 900 million yuan ($133.1 billion) in 2018. As previously reported by Caixin, Liaoning Zhongwang Group Co., Ltd. held nearly 70% of shares in Liaoyang Rural Commercial Bank through several subsidiaries and affiliated companies as of the end of 2018. The bank has a total of seven directors, except for the chairman, president, one independent director, and one director sent by the State-owned Assets Supervision and Administration Commission, the remaining three directors are from Zhongwang Group.

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