Select a page

Banking News

Bank of China confirms US$500m dropped

Bank of China confirms US$500m dropped

(China) - The biggest foreign exchange player in China's banking industry, Bank of China, has confirmed close to half a billion dollars has disappeared from a southern branch as a result of money laundering and questionable loans. Over US$483 million has gone missing through apparent money laundering and lending violations at its Kaiping branch in Guangdong, with an active global effort now underway to trace the money.

Bank of China has also just been slapped with a US$20 million fine by US regulators, casting some cloud over the Bank's plans to list in an up to US$5 billion IPO.
East & Partners's avatar

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.