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Baoshang Bank takeover is standalone case, no more takeover in plan – PBOC

China’s central bank sought to calm the market after the takeover of Inner Mongolia-based Baoshang Bank by the banking regulator last month, saying the takeover is a standalone case and regulators are not planning any more such moves at the moment.

The China Banking and Insurance Regulatory Commission (CBIRC) took control of Baoshang on May 24, rattling Chinese markets and prompting the People’s Bank of China (PBOC) to inject cash into the banking system.

"The takeover had been triggered by the improper and illegal use of significant bank funds by Tomorrow Holdings, which holds 89 per cent . . .

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