The China Banking and Insurance Regulatory Commission on Oct. 10 penalized four banks for various violations for a total 12.65 million yuan.
The Beijing branch of Industrial Bank Co. Ltd. was fined 6 million yuan for violations of rules governing the sales of wealth management products and financing to property developers, according to a same-day release from the regulator.
In a separate releases, the CBIRC said it fined the Beijing branch of Shanghai Pudong Development Bank Co. Ltd. 2.9 million yuan for improper practices in its lending and trust businesses.
Zhejiang Fuyang Rural Commercial Bank Co.Ltd. was fined 2.25 million yuan for improper lending practices, while a Shanghai branch of Shinhan Bank (China) Ltd. was fined 1.5 million yuan for negligence in operations, according to the regulator.
As of Oct. 10, US$1 was equivalent to 7.12 Chinese yuan.
