China Citic Bank has been fined over RMB 220 million ($31 million) for 56 violations, the country’s top financial regulator announced on Friday, reports Caixin. The penalty includes a RMB 152.4 million fine slapped on the head office of Citic Bank and RMB 67.7 million in fines that the bank’s branches have to pay, according to a statement from the national administration of financial regulation (NAFR).
The bank’s head office also has to hand over RMB 4.6 million of illegal gains, it said.
Citic Bank was sanctioned for actions that included violating regulations on appointing senior executives, noncompliance in the management of related-party loans, and using commissions for wealth management products to make up for investment losses, according to the announcement.