Chinese banking regulator fines China Construction Bank $1m for violations By Reuters

© Reuters. Sign of China Construction Bank is seen at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing

SHANGHAI (Reuters) – The Chinese banking regulator said on Saturday it had fined a branch of the China Construction Bank (OTC:) (CCB) (SS:) (HK:), the country’s second-largest lender by assets, 7,313,511 yuan ($1.09 million) for rule violations.

The southern Shenzhen branch of the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement it had also confiscated over 1 million yuan of ill-gotten gains.

Among other things, the Shenzhen branch of CCB had hidden risks, used loans for purposes than otherwise stated and money allocated for small- and medium-sized enterprise loans were used for other purposes, it said.

Four fines were handed down to individuals in the Shenzhen branch, who were found to have breached rules in connection with real estate loans and bills, it said.

($1 = 6.6962 renminbi)

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