Ningbo Fenghua Rural Commercial Bank plans to absorb and merge its only rural bank under its umbrella.

The announcement of Fenghua Rural Commercial Bank of Ningbo shows that the bank will hold an extraordinary shareholders' meeting at the end of July, during which it plans to consider the acquisition of the equity of Fenghua Romon Rural Bank of Ningbo and the proposal to absorb and merge the rural bank. It is understood that Fenghua Romon Rural Bank was established by Fenghua Rural Commercial Bank and is the only rural bank under the latter.