On May 24, 2019, the People ’s Bank of China and the China Banking and Insurance Regulatory Commission issued an announcement in accordance with the Law of the People ’s Republic of China on the People ’s Bank of China, the Banking Supervision and Administration Law of the People ’s Republic of China, and the Commercial Bank of the People ’s Republic of China. According to the relevant provisions of the Law, the takeover of Baoshang Bank Co., Ltd. will be implemented from May 24, 2019, and the takeover period will be one year.
Since the implementation of the takeover, the takeover team has steadily promoted the work of the Baoshang Bank to clear assets and capital, and reform and reorganize. At present, Mengshang Bank has been established and opened smoothly, running smoothly. Mengshang Bank and Huishang Bank’s acquisition of contractors’ bank-related businesses, assets and liabilities are proceeding in an orderly manner. Due to the impact of the epidemic, the progress of Baoshang Bank ’s subsequent legal disposal shall be appropriately postponed. According to Article 67 of the “Law of the Commercial Bank of the People’s Republic of China”, with the approval of the China Banking and Insurance Regulatory Commission, the period of takeover of Baoshang Bank was extended for six months, from May 24, 2020 to November 23, 2020 .
Baoshang Bank Co., Ltd. takeover team
May 23, 2020
(Originally titled “Announcement on Extending the Takeover Period of Baoshang Bank Co., Ltd.”)