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The National Financial Regulatory Administration has decided to take over Zhongbang Bank.
Announcement of the National Financial Regulatory Administration and the People’s Government of Hubei Province on the Takeover of Wuhan Zhongbang Bank Co., Ltd.
In view of the serious credit risk arising at Wuhan Zhongbang Bank Co., Ltd. (hereinafter referred to as Zhongbang Bank), in order to protect the lawful rights and interests of depositors and other customers, in accordance with the relevant provisions of the “Banking Supervision and Administration Law of the People’s Republic of China” and the “Commercial Bank Law of the People’s Republic of China,” the National Financial Regulatory Administration has decided to place Zhongbang Bank under takeover.