TOKYO, July 29 (Reuters) - China’s Bank of Jinzhou plans to release its 2018 annual report in August, a senior bank official was quoted as saying by state media, following investments in the troubled lender by government-backed institutions.
“At the moment, audit organisations are paying close attention to auditing our bank and are making smooth progress. We expect to release the 2018 annual report before the end of August,” Sun Jing, secretary of the board of Bank of Jinzhou, was quoted as saying on the website of the People’s Daily, the official newspaper of China’s ruling Communist Party.
Sun said that while Bank of Jinzhou’s liquidity management had come under pressure in recent weeks, the bank is operating normally.
Industrial and Commercial Bank of China (ICBC), , the country’s largest lender by assets, and China Cinda Asset Management and China Great Wall Asset Management, two of China’s four largest distressed debt managers, said on Sunday they would take stakes in Bank of Jinzhou.
Financial markets have been jittery about the health of China’s smaller banks after regulators took over Inner Mongolia-based Baoshang Bank on May 24, rattling interbank markets and sending some firms’ borrowing costs spiking.
Bank of Jinzhou has delayed the release of its annual report for 2018, and its shares have been suspended since April. The lender’s auditor, EY, had quit before signing off on the bank’s 2018 accounts in June, after being unable to agree with the bank on the usage of some loans. (Reporting by Andrew Galbraith; Editing by Jacqueline Wong)