18 August 2019

Second bank branch swamped by worried depositors, SCMP says

A bank run in Yancheng spread to a second branch of the Jiangsu Sheyang Rural Commercial Bank Wednesday, forcing the mayor to assure depositors that the institution was fully backed by the government, the South China Morning Post reported Thursday. It was the third consecutive day the state-owned lender faced a run on its branches, as dozens of depositors flocked to a branch in Sheyang county amid rumors that the rural lender could not repay their money, it said. Officials insisted they had enough funds to meet withdrawals, the report said.

– Contact HKEJ [email protected]


EJI Weekly Newsletter

Please click here to unsubscribe