January 12, 2020 / 7:46 AM / a month ago

China's Hengfeng bank receives $14 bln strategic investment -xinhua

BEIJING, Jan 12 (Reuters) - China’s Hengfeng Bank has received 100 billion yuan ($14.46 billion) in strategic investment as part of a restructuring process led by local government, state media Xinhua reported on Sunday, citing a local financial regulator.

The move is part of government efforts to support indebted smaller banks and to ease risk in the country’s financial system.

The former chairman of the Shandong-based lender, Jiang Xiyun, was convicted of corruption and sentenced to death in December, with a two-year reprieve.

$1 = 6.9178 Chinese yuan renminbi Reporting by Muyu Xu and Shivani Singh; editing by Richard Pullin

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