Minsheng Bank Takes 20% Haircut on Steel Traders' Credit Cards

Misheng bank is offering a deal to the Fuzhou Zhouning steel traders who are overdue on their credit card balances, allowing them to pay 80% and settle the debt.

recently, Shanghai, Fujian Province, Zhou County Chamber of Commerce announced that the current Minsheng Bank Shanghai Branch to implement preferential policies for the repayment of the credit card overdraft Fujian Zhou Ning membership overdue. Specific preferential policies, only 80% of the principal amount of the need to deal with the remaining amount by Minsheng Bank Credit Card Department to apply for relief headquarters. Offers Until the end of June 2014, with effect from July will no longer enjoy the preferential policies.

21st Century Business Herald reporter multi-understand, and general customer credit card overdrafts, two years ago, in order to expand SME based steel trading business, livelihood often shares the line of credit to credit cards as a way of steel trade, steel trade credit limit of up to hundreds of thousands, or even hundreds of million.

Since 2012, with the continued downturn in the steel trade, Shanghai and other Yangtze River Delta steel trade credit crisis broke out, in addition to general corporate loans rose significantly overdue, the steel trade also on the high amount of credit card for a vicious overdraft, clear over the closing pressure large.

The Minsheng Bank Zhou Ning Ji steel trade customers preferential repayment period for the end of June 2014, it is the mid-year report as of June 2014, Minsheng Bank has highlighted the prevention and control of non-performing high pressure.

May 30, a Shanghai court reporter access to the network, within the next month, Minsheng Bank in Shanghai court case is still as high as 114, of which the vast majority is still the steel trade enterprises.

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