BEIJING, Nov 23 (Reuters) - China Banking and Insurance
Regulatory Commission (CBIRC) said on Monday it had given its
approval for Baoshang Bank to start bankruptcy proceedings,
after the regulators took control of the lender in May 2019
citing serious credit risks.
The takeover was scheduled to end on Monday.
The central bank said in August it would allow Baoshang to
file for bankruptcy and would liquidate any remaining assets.
The regulators have also approved Mengshang Bank, a newly
revamped bank based in Inner Mongolia, and Hong Kong-listed
Huishang Bank to take over Baoshang's assets and operations.