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China's northeast province of Liaoning will merge a dozen local government-owned commercial banks into one large lender, amid increasing bad loans caused by coronavirus-induced economic problems last year.
The province reported the plan this week to the Financial Stability and Development Committee, the overarching financial supervisory agency headed by Vice-Premier Liu He, and will bring in strategic investors for the new institution, according to a statement released by the People’s Bank of China (PBOC) on Thursday.
The merger will establish a “first-class city commercial bank” that absorbs the 12 . . .
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