FILE PHOTO: A man rides an electric bike past the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China February 14, 2019. REUTERS/Stringer
July 16, 2021
BEIJING (Reuters) – China’s top banking and insurance regulator on Friday extended the takeover period of a group of six financial institutions with connection to the embattled Tomorrow Holdings.
The takeover period will be extended for another year till July 16, 2022, according to a statement of the China Banking and Insurance Regulatory Commission. (CBIRC)
Chinese regulators in July last year seized control of nine mid-sized firms that have ownership links to Tomorrow Holdings Co, which has been targeted in a government crackdown on systemic risks posed by financial conglomerates.
(Reporting by Cheng Leng and Ryan Woo; Editing by Peter Graff)