(Yicai Global) May 15 -- HSBC has become the second foreign lender punished this year by authorities in Shanghai after the bank was fined CNY1 million (USD145,520) for violating regulations.
The Shanghai branch of the China Banking and Insurance Regulatory Commission penalized HSBC Bank China because its after-loan management severely broke rules regarding prudent operations in December 2016 and June 2017, according to a statement posted on the watchdog's website. HSBC also used part of its credit card funds in non-consumer areas between February and August 2017.
Earlier this year the bureau fined OCBC Wing Hang Bank CNY1 million after some of its branches charged unreasonable amounts for loans from 2016 to 2017 and after it changed its business scope without approval in 2013. OCBC was also fined CNY1.3 million for violating loan interest rate rules when issuing housing mortgages in 2014.
Editors: Liao Shumin, William Clegg