for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Financials

China's Hengfeng bank receives $14 bln strategic investment -xinhua

BEIJING, Jan 12 (Reuters) - China’s Hengfeng Bank has received 100 billion yuan ($14.46 billion) in strategic investment as part of a restructuring process led by local government, state media Xinhua reported on Sunday, citing a local financial regulator.

The move is part of government efforts to support indebted smaller banks and to ease risk in the country’s financial system.

The former chairman of the Shandong-based lender, Jiang Xiyun, was convicted of corruption and sentenced to death in December, with a two-year reprieve.

$1 = 6.9178 Chinese yuan renminbi Reporting by Muyu Xu and Shivani Singh; editing by Richard Pullin

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up