Business / Markets

Bankruptcy rumors cause run on bank

By CAO YIN (chinadaily.com.cn) Updated: 2014-03-26 19:46

Bankruptcy rumors cause run on bank

Chinese depositors overcrowd a branch of Jiangsu Sheyang Rural Commercial Bank to withdraw their money in Yancheng city, east Chinas Jiangsu province, March 24, 2014. [Photo/icpress] 

People in Yancheng, Jiangsu province, formed a long line in the rain to withdraw money from a bank after rumors it would be closed down, Modern Express reported on Wednesday.

Almost 1,000 residents of the city swarmed the Rural Commercial Bank in Sheyang, a county of the city, on Tuesday after rumors spread of its bankruptcy, said the report, adding the bank had to transfer almost 100 million yuan ($16.12 million) to ensure customers could get their money.

"I don't know what happened. I just heard the bank might be bankrupt. I decided to withdraw 20,000 yuan," the paper quoted a woman in the line as saying, adding she waited about an hour to get her money.

The rumor came after a customer was unable to withdraw 200,000 yuan from the bank without an appointment on Monday, the report said, adding local police have started an investigation.

 

Hot Topics

Editor's Picks
...
...