Chinese regulators are publicly purging the banking sector of “illegal” shareholders, many of whom have been caught using financial institutions as ATMs to fund their own projects.
The China Banking and Insurance Regulatory Commission for the first time has released a list of 38 illegal shareholders that will be forced to divest from banks and insurance companies.
They include companies connected with bailed-out regional lender Baoshang Bank and Anbang Insurance, which required a $10bn injection of public funds.
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