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China’s central bank has approved business operations of Mengshang Bank to take over the assets and operations of Baoshang Bank, according to a statement released by the People's Bank of China (PBOC) on Thursday.
China’s financial regulators took control of Baoshang Bank in May last year due to “serious” credit risks and since then has pushed forward the restructuring plans of the lender.
Baoshang’s assets, liabilities and operations within the Inner Mongolia region will be taken over by Mengshang, while its assets, liability and operations outside that region will be taken . . .
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