News Column

17 Banks Drawn into Qingdao Fraud Financing

June 13, 2014

QINGDAO, June 13, SinoCast -- At least 17 Chinese banks were drawn into the copper, aluminum and other non-ferrous metals fraud financing, including Export and Import Bank of China, top five state-owned banks, Huaxia Bank, Mingsheng Banking, Industrial Bank, China Merchants Bank, CITIC Bank and local financial institutions in Shandong Province.

informed sources said the 17 financial institutions were involved in the Qingdao Port non-ferrous metals financing of around CNY 14.8 billion, including around CNY 4 billion of Export and Import Bank of China and around CNY 1 billion of most of these banks.

According to local media, as of the end of the first quarter of 2014, outstanding loans in domestic and foreign currencies in Qingdao arrived at CNY 998.46 billion, including CNY 228.53 billion in manufacturing; CNY 15 billion is equivalent to 1.5% of outstanding loans of all local financial institutions and 6.5% of outstanding loans to manufacturing.

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Source: Sinocast Banking & Credit Beat (China)

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