The Beijing branches of Postal Savings Bank of China, China Merchants Bank and China Guangfa Bank, and two branches of Shanghai Pudong Development Bank in Beijing have been fined a total of RMB 5.3 million ($828,000) by China’s banking regulator, reports Caixin.
The four banks received the fines for failing to review personal consumption and business loans that were used to buy real estate. In addition, they have been ordered to immediately take effective measures to improve credit business procedures, recover loans that violated regulations and hold responsible persons to account.
Staff members responsible for the violations were also fined a total of RMB 350,000, according to Beijing Bureau of the China Banking and Insurance Regulatory Commission (CBIRC).