[Epoch Times December 01, 2021]On December 1, the news that Bank of China Lanzhou Branch was approved to terminate business aroused attention, and it appeared on Weibo Hot Search and Baidu Hot Search. The bank ceased business less than 3 years after opening.
On November 30, the Gansu Supervision Bureau of the Banking and Insurance Regulatory Commission of the Communist Party of China (“Gansu Banking and Insurance Regulatory Bureau”) disclosed its approval regarding the termination of business of Bank of China Lanzhou Branch, which caused heated discussions.
Regarding the bank’s approval for the termination of business, the Gansu Banking and Insurance Regulatory Bureau stated that Bank of China’s Lanzhou Branch should properly handle the liquidation and transfer of business and other related matters after the termination of business in accordance with regulations. At the same time, within 10 days from the date of this approval, the “Financial Permit” of the Lanzhou Branch of Bank of China Co., Ltd. shall be returned to the Gansu Banking and Insurance Regulatory Bureau, and the procedures for industrial and commercial and tax changes shall be handled in a timely manner. One month after the completion of the relevant procedures Report internally to the China Banking and Insurance Regulatory Commission.
That night, the person in charge of the Bank of China Gansu Branch responded to the news of the Lanzhou branch’s termination of business, stating that “the termination of business will not have any impact on customer service”.
Bank of China Lanzhou Branch has just been established less than 3 years ago. Public information shows that on December 29, 2018, Bank of China Lanzhou Branch was established and unveiled.
According to the branch level of Bank of China, provincial branches such as Bank of China Gansu Branch are tier-one branches; Bank of China Lanzhou Branch is tier-two branches established by provincial branches in cities in the province.
It is not uncommon for various banks, sub-branches, outlets, etc. to terminate business (there is a “shutdown tide”). Pepper News reported that it is very rare for Bank of China’s provincial capital branch to cease operations. According to industry insiders, it may be related to the smaller business volume of the branch.
According to a report by China Business News, industry insiders said that Bank of China’s Lanzhou branch terminated its operations, possibly because its operations did not meet expectations.
Editor in charge: Fang Xiao#
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