Agricultural Bank of China
New York Fines Agricultural Bank of China for Money Laundering
| S. Rina | | Nov 07, 2016 07:53 AM EST |
The state of New York has imposed a $215 million fine on the Agricultural Bank of China for violating its anti-money laundering law. The bank was found responsible for obscuring the trail of dollar transactions by several suspicious clients. The regulators have further ordered the bank to appoint an independent monitor for auditory purposes.
Chinese Banks Write off Billions in bad Debt
| S. Rina | | Nov 01, 2016 09:59 AM EDT |
China's growing debt problem is affecting its banks' profitability. The country's top five banks have announced that they are writing off $40 billion worth of non-performing assets during the first nine months of the year.
Chinese Banks Shift Focus Amid Slowing Economy and Mounting Bad Debts
| Rhona Arcaya | | Sep 01, 2014 12:30 AM EDT |
Sluggish profit growth in the manufacturing sector has prompted Chinese banks to look to food, healthcare and information technology industries to increase revenue.
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