21 August 2019

Insolvency fears spark run on Jiangsu bank, SCMP says

A rural commercial lender in Jiangsu province is grappling with a run on a branch by worried depositors amid rumors that it was insolvent, the South China Morning Post reported Wednesday. Jiangsu Sheyang Rural Commercial Bank, based in the city of Yancheng, had to ask police to trace the origin of the rumors that have prompted hundreds of depositors to gather at the Qingfeng branch since Monday to withdraw their money. The bank’s chairman has visited the branch to try to allay clients’ fears, saying the bank has enough capital to pay back the depositors, the report said.

– Contact HKEJ [email protected]



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