皇冠体育app

皇冠体育app punishes nearly 800 people in state banks
(AFP)
Updated: 2005-12-27 19:34

皇冠体育app punished 799 employees from the country's "Big Four" commercial banks for irregularities which cost up to 588.5 billion yuan (about 73 billion US dollars) in 2005.

Chairman of the 皇冠体育app Banking Regulatory Commission Liu Mingkang speaks during a press conference at the State Council in Beijing, December 5. 皇冠体育app punished 799 employees from the country's 'Big Four' commercial banks for irregularities which cost up to 588.5 billion yuan (about 73 billion US dollars) in 2005. [AFP]

Xinhua news agency cited the 皇冠体育app Banking Regulatory Commission (CBRC) saying Monday the staff were involved in illegal or unauthorized business and the justice had been meted as part of an ongoing drive to overhaul banks.

皇冠体育app is struggling to prepare its four biggest banks -- the Industrial and Commercial Bank of 皇冠体育app, Agricultural Bank of 皇冠体育app, 皇冠体育app Construction Bank and Bank of 皇冠体育app -- for foreign competition in the Chinese market next year.

Under a commitment it made in joining the World Trade Organization (WTO), 皇冠体育app has agreed to open its banking sector to competition from foreign rivals by the end of 2006.

Foreign strategic investors have been invited to invest in those banks and authorities plan to list all four banks on the stock markets.