A China Minsheng Banking Corp. Ltd. branch has sued a Bank of Ningbo Co. Ltd. counterpart for allegedly breaching a commercial bill contract.
The Ningbo branch of China Minsheng Bank is seeking damages of at least 950 million yuan from Bank of Ningbo's Hangzhou branch, according to a statement by Bank of Ningbo Oct. 13. Ningbo and Hangzhou are cities in China's Zhejiang province.
The case will be heard in the Zhejiang Higher People's Court.
Bank of Ningbo said the case is not expected to affect its bottom line.
As of Oct. 12, US$1 was equivalent to 6.92 Chinese yuan.