China Financial Regulator Fines Bank Wealth Managers for Disclosure, Product Discrepancies

MT Newswires Live07-02

China's financial regulator imposed a total of 36 million yuan in fines on six financial institutions due to disclosure violations and irregularities in their wealth management businesses, according to separate notices from the country's banking regulator released Friday.

China Merchants Bank (SHA:600036, HKG:3968) will pay a total fine of 7 million yuan, while its unit, CMB Wealth Management, was fined 8.5 million yuan.

Ping An Bank (SHE:000001) unit Ping An Wealth Management was fined 6.5 million yuan, while China CITIC Bank (SHA:601998, HKG:0998) unit CITIC Wealth Management will have to pay 7.5 million yuan in fines.

Regulators also slapped China Construction Bank (SHA:601939, HKG:0939) unit CCB Wealth Management with a 4 million yuan fine and

Bank of China (SHA:601988, HKG:3988) unit BOC Wealth Management a 2.5 million yuan fine.

Regulators decided on the penalties on June 24.

Price (HKD): $35.00, Change: $+0.64, Percent Change: +1.86%

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