China extends takeover period of six financial institutions linked to Tomorrow Holdings

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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)






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