Following an audit of the headquarters and 11 branches of Agricultural Bank of China at the end of April, China’s National Audit Office revealed that it had found lending irregularities amounting to tens of billions of renminbi.
The audit came at an embarrassing time for the country’s fourth-largest lender by assets, which is just a few months away from an initial public offering in Hong Kong and Shanghai, which is expected to be the world’s largest, at about $30bn.
It also provides a timely reminder of the challenges that still face China’s underdeveloped, state-dominated banking sector despite a decade of frenetic reform.
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