January 8, 2020 / 7:41 AM / 13 days ago

China's Huishang Bank to take over four branches of Baoshang Bank -Caixin

BEIJING, Jan 8 (Reuters) - China’s Huishang Bank will take over four branches of troubled Baoshang Bank, media group Caixin said on Wednesday.

In a statement earlier in the day, Huishang said it would invest up to 3.6 billion yuan ($518.56 million) to hold a stake of no more than 15% in a new provincial commercial bank, but gave no details. ($1=6.9423 Chinese yuan renminbi) (Reporting by Yawen Chen, Cheng Leng, Ryan Woo and Beijing Monitoring Desk; Editing by Clarence Fernandez)

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