On December 12, the Chongqing Financial Regulatory Bureau issued an approval for the dissolution of Chongqing Rongchang HSBC Rural Bank Co., Ltd., granting consent for its closure.
The regulator stated that the bank plans to exit the rural banking market through dissolution. Prior to this, it had transferred its existing deposit and loan operations to HSBC Bank (China) Company Limited Chongqing Branch, effectively clearing its business portfolio.
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