China CITIC Bank was recently fined 2A fine of $200 million. In response, China CITIC Bank said that it had completed all rectifications in accordance with the opinions of the regulatory authorities.
According to the administrative penalty decision recently issued by the China Banking and Insurance Regulatory Commission, China CITIC Bank was fined 2200 million yuan. At the same time, the China Banking and Insurance Regulatory Commission also punished a number of senior executives of China CITIC Bank. Regarding this penalty, China CITIC Bank said that it has taken the opinions of the regulator seriously and has made rectifications as required. China CITIC Bank said that it has always adhered to the principle of prudent operation, and will continue to strengthen internal management and standardize business operations in the future to protect the interests of customers and the safety of assets. It is understood that the China Banking and Insurance Regulatory Commission's punishment of China CITIC Bank was carried out in accordance with the "Banking Supervision and Administration Law of the People's Republic of China". The law stipulates that banking financial institutions shall operate in accordance with the law, abide by the rules of prudent operation, and shall not raise or lower interest rates in violation of regulations, and shall not provide financing to unqualified customers. China CITIC Bank is not the only bank to be fined. In recent years, the China Banking and Insurance Regulatory Commission (CBIRC) has stepped up its crackdown on violations of laws and regulations in the banking sector, imposing fines and rectification requirements on a number of banks. These violations include, but are not limited to, loan violations, wealth management product violations, credit card violations, etc. Industry insiders said that these penalties are beneficial to the healthy development of the banking industry. By strengthening supervision and punishing violations, we can promote the more standardized and steady development of the banking industry and protect the interests of customers and the safety of assets. At the same time, it can also improve the overall image and credibility of the banking industry.