China’s rust-belt province of Liaoning merges 12 local banks into one ‘first-class’ bank as bad loans mount

The Chinese rust-belt province of Liaoning will merge a dozen local government-owned commercial banks into one large provincial institution, in the wake of an increase in bad loans caused by coronavirus-induced economic problems last year.The northeastern province reported the plan this week to the Financial Stability and Development Committee, the overarching financial supervisory agency headed by Vice-Premier Liu He, and will bring in strategic investors for the new institution, according to…

Read the original article at South China Morning Post