China's National Financial Regulatory Administration, jointly with the Hubei Provincial People's Government, announced that Wuhan Zhongbang Bank will be placed under takeover from July 3, 2026 for one year because the bank has developed severe credit risk. The measure is intended to protect depositors and other customers, while customer business will continue as normal during the takeover. Personal deposits, including principal and interest, will be fully protected. From the start of the takeover, a takeover group led by the Hubei local financial administration and the Wuhan Municipal People's Government, together with the Hubei administration of the National Financial Regulatory Administration, the Hubei branch of the People's Bank of China and other bodies including the deposit insurance fund manager, will fully exercise Wuhan Zhongbang Bank's operating and management powers. Corporate deposits and interbank liabilities will be protected under a dedicated protection plan, while new deposits and interbank liabilities incurred after the takeover will be fully protected, including principal and interest. During the takeover, and under the supervision of the National Financial Regulatory Administration and the Hubei Provincial People's Government, Hankou Bank will assume relevant assets, liabilities, business and staff of Wuhan Zhongbang Bank in accordance with law.
China Banking and Insurance Regulatory Commission2026-07-03
China's National Financial Regulatory Administration places Wuhan Zhongbang Bank under one year takeover after severe credit risk
China's National Financial Regulatory Administration has placed Wuhan Zhongbang Bank under a one-year takeover from July 3, 2026 after the bank developed severe credit risk. Customer business will continue, with personal deposits fully protected and corporate deposits and interbank liabilities covered under a protection plan. During the takeover, Hankou Bank will assume relevant assets, liabilities, business and staff.