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3Novices:China’s Minsheng Bank sees investor trust vanish – along with 3b yuan

The disappearance of 3 billion yuan (US$436 million) from China Minsheng Bank’s private banking accounts has once again highlighted Chinese banks’ weak internal controls and the risks associated with the sale of so-called “innovative” wealth-management products on the mainland.
An accidental inquiry from an investor exposed the fact that the WMPs sold by a Minsheng branch didn’t even exist. When shocked investors rushed to the bank, they found the head of the…
April 18, 2017 at 08:43PM http://ift.tt/2opm4Ev
#3Novices #News #OnlineMedia #China 3Novices China

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