Guangxi Laibin Rural Commercial Bank Approved to Merge Five Rural Credit Institutions

Deep News11-21

On November 21, financial authorities announced that the Guangxi Local Financial Regulatory Bureau has granted approval for Guangxi Laibin Rural Commercial Bank to absorb and merge five rural credit institutions: Guangxi Wuxuan Rural Commercial Bank, Guangxi Jinxiu Rural Commercial Bank, Guangxi Xiangzhou Rural Cooperative Bank, Xincheng County Rural Credit Cooperative Union, and Heshan City Rural Credit Cooperative Union. The bank will also assume all assets, liabilities, business operations, and other rights and obligations of these institutions following their asset and liability assessments.

The approval requires Guangxi Laibin Rural Commercial Bank to strictly comply with relevant laws and regulations in preparing for the merger. It must also oversee the completion of legal entity termination procedures for the five institutions involved.

Once the merger preparations are finalized, Guangxi Laibin Rural Commercial Bank must submit applications to regulators for legal entity changes and branch openings in accordance with established procedures.

During the merger process, the bank is instructed to implement contingency plans to ensure staff and operational stability, strengthen risk management, and mitigate potential reputational risks.

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