China slaps penalties on 5 financial institutions

BEIJING - China's top banking and insurance regulator has slapped fines totaling around 366 million yuan (about $56.92 million) on institutions and individuals in cracking down on financial violations.

The China Banking and Insurance Regulatory Commission has fined five financial institutions including the state-owned Bank of China. Confiscated illicit gains and fines involving the bank totaled 87.61 million yuan for violations including granting illegal loans for mergers and acquisitions.

Huaxia Bank, a medium-sized Chinese lender, was fined 98.3 million yuan for breaches including inadequate information disclosure of its wealth management products.

The commission said it would continue to stringently rectify financial irregularities and crack down on regulatory arbitrage. It also urged the banking and insurance institutions to strengthen regulation for supporting the real economy and protecting the lawful rights and interests of the financial consumers.