February 6, 2020 / 11:22 AM / 22 days ago

China's Huishang Bank offers to take over Baoshang's four branches

(Reuters) - China’s Huishang Bank (3698.HK) on Thursday announced a proposal to take over four branches of troubled lender Baoshang Bank.

Under the proposed deal, Huishang will buy the bank’s assets outside Inner Mongolia Autonomous region and take over the business and employees of Baoshang’s Beijing, Shenzhen, Chengdu and Ningbo branch.

Baoshang Bank became the first high-profile case of China’s small lender crisis as financial regulators took control of the lender in May last year due to “serious” credit risks, rattling domestic markets and prompting the central bank to inject cash into the banking system to prevent contagion risks.

Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Alex Richardson

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