The China Banking Regulatory Commission has decided to take over Zhongbang Bank.

Announcement by the China Banking and Insurance Regulatory Commission and the People's Government of Hubei Province on the takeover of Wuhan Zhongbang Bank Co., Ltd. Due to serious credit risks at Wuhan Zhongbang Bank Co., Ltd., in order to protect the legitimate rights and interests of depositors and other customers, in accordance with the relevant provisions of the Banking Supervision and Management Law of the People's Republic of China and the Commercial Bank Law of the People's Republic of China, the China Banking and Insurance Regulatory Commission has decided to take over Zhongbang Bank.