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Bank of Ningbo, Agricultural Bank of China in legal tussle

Bank of Ningbo Co. Ltd. and Agricultural Bank of China Ltd. are in court over the potential breach of a bill repurchase contract worth 986 million yuan.

According to a May 26 release, Agricultural Bank of China's Beijing branch filed a lawsuit in the country's capital against Bank of Ningbo's Suzhou unit for damages including the repurchase amount, overdue interest and legal fees. The alleged breach ran between Dec. 1, 2015, and Jan. 12, 2016.

Bank of Ningbo said it may file a counterclaim, adding that it does not expect to incur losses from the dispute.