January 10, 2020 / 7:52 AM / 12 days ago

Local gov't backed firm in China to invest in troubled Bank of Jinzhou - 21st Century Business Herald

BEIJING, Jan 10 (Reuters) - A firm backed by the local government in China’s northern Liaoning province is likely to become one of the new strategic investors in troubled Bank of Jinzhou, financial newspaper The 21st Century Business Herald reported on Friday.

Huida Asset Management Ltd, an entity wholly owned by one of the country’s four largest distressed-asset managers, Cinda Asset Management, but directly supervised and managed by the central bank, will also invest in the lender, the newspaper said, citing unidentified banking and regulatory sources.

The Bank of Jinzhou is under restructuring after a government-led rescue since last July. Three state-controlled financial institutions said previously they would take at least 17.3% in the troubled lender. (Reporting by Cheng Leng and Ryan Woo; Editing by Kim Coghill)

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