Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

ICBC, Bank of China Fined on Fraud Reports, Daily Says

Aug. 1 (Bloomberg) -- Industrial & Commercial Bank of China Ltd., the country’s largest lender, and Bank of China Ltd. will be fined for failing to make timely reports to authorities about fraud cases, Shanghai Daily reported.

The lenders, along with China Minsheng Banking Corp. and a rural credit cooperative, may receive additional penalties for breaching disclosure rules, the newspaper said today, citing a notice issued to financial institutions by the China Banking Regulatory Commission.

Local media had extensive coverage on cases including loansharking by bank employees and fundraising fraud before authorities were briefed on the matters, Shanghai Daily said.

Spokesmen for ICBC and Bank of China declined to immediately comment on the report, asking not to be named because of bank policy. Three phone calls to the CBRC’s press office and two calls to Minsheng went unanswered.

To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at

To contact the editor responsible for this story: Chitra Somayaji at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.