Hengfeng Bank Falls Under Regulator Scrutiny, HQ Moved

Hengfeng is of the of banks that hasn't filed an annual report yet. back in early June, the bank's HQ has been moved from Qingdao to the provincial capital of Jinan where it could be more closely monitored by regulators.

Sina: 中国银保监会新闻发言人:恒丰银行总部已搬迁至济南
Sogou: Spokesperson for the China Banking Regulatory Commission: hengfeng bank Headquarters Moved to Jinan
On June 9, the website of the China Banking Regulatory Commission (CIRC) published a press spokesman for the CIRC to answer a reporter's question from the Financial Times. A spokesman for the China Banking Regulatory Commission revealed that at present, the headquarters in hengfeng bank has moved to Jinan.

In response, "It is understood that Shandong Province is carrying out reform and reorganization of hengfeng bank. How is the progress?" On this issue, a spokesman for the China Banking Regulatory Commission said, "According to the information we have, due to the investigation of cases, reform and reorganization, hengfeng bank has not disclosed its annual report to the public yet. The provincial government of the Shandong Provincial Committee attaches great importance to the comprehensive reform of hengfeng bank and is accelerating the relevant work. The overall reform idea has been agreed by all parties concerned and will be implemented as soon as possible. In the early days of hengfeng bank, the people involved are being investigated and dealt with according to law. "

A spokesman for the China Banking Regulatory Commission said at the same time, "At present, the headquarters of hengfeng bank has moved to Jinan, with sufficient liquidity and stable operation. The regulatory authorities will continue to guide hengfeng bank to strengthen risk prevention and control, strengthen compliance management, and maintain a steady and positive trend. "

Earlier, Jinan's official media revealed in January this year that as the only national joint-stock commercial bank headquartered in Shandong Province, hengfeng bank is expected to settle in Jinan.

On January 19, an article published on the front page of Jinan daily, "lixia is striving to be the leader in raising provincial capitals." it said: "in 2018, lixia district, guided by major projects to transform old and new kinetic energy, combined with the regional industrial foundation, will issue implementation opinions to accelerate the cultivation of 80 billion-level industries such as industrial finance, cultural creativity, modern commerce, scientific and technological services, big data and a new generation of information technology, medical and health care, trade circulation, and quality tourism, so as to promote the development and scale growth of leading industrial clusters.

"A financial ecosystem of industrial and financial cooperation is forming-the province's first financial enterprise alliance has been established; 18 new financial institutions; Hengfeng bank is expected to become the first national joint-stock commercial bank to settle in Jinan. "

Hengfeng bank Co., Ltd. is one of 12 national joint-stock commercial banks. Its predecessor was Yantai Housing Savings Bank established with the approval of the State Council and the People's Bank of China in 1987. In 2003, it was transformed into hengfeng bank Co., Ltd. with the approval of the People's Bank of China.

According to the official website of hengfeng bank, by the end of 2017, hengfeng bank had 16 tier-one branches and 2 branches directly under the Head Office in Qingdao, Jinan, Nanjing, Hangzhou, Chengdu, Chongqing, Yantai, Fuzhou, Kunming, Xi 'an, Ningbo, Beijing, Shanghai, Zhengzhou, Changsha, Wuhan and other places, with a total of 334 branches.

Lixia District is the leader of the economic and social development in Jinan, capital of Shandong Province. Currently, it is focusing on the two core industries of "finance+and" new headquarters economy ".It is committed to becoming the main carrier and main functional area for the provincial capital city to build a regional industrial financial center and a headquarters base in the north.

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