Southern China’s Hainan province kicked off an overhaul of rural credit unions by merging 20 small rural lenders into a rural commercial bank.
Qiongzhong Li & Miao Autonomous County Rural Credit Cooperatives Union Co. Ltd. said Monday that it is one of 19 rural credit cooperatives that are merging into Hainan Rural Commercial Bank along with Hainan Rural Credit Union.
The move followed restructuring efforts since 2020 by other provinces including Henan, Jiangsu, Zhejiang and Guangdong. The changes aim to improve governance, capital strength and risk management capacity in the rural credit sector after a series of corruption scandals involving rural lenders.
The Hainan provincial government set up a working group for the establishment of Hainan Rural Commercial Bank. Wang Niansheng, chairman of Hainan Rural Credit Union, is leading the group. The working group set March 31 as the base date for asset evaluation of the 20 lenders.
Hainan Rural Credit Union has eight rural commercial banks and 11 city and county cooperatives, with 477 business outlets and more than 7,200 employees, according to the bank’s website.
As of the end of December 2021, Hainan’s rural credit system had total assets of 307 billion yuan ($44.3 billion), 257.7 billion yuan of deposits and 157.9 billion yuan of outstanding loans.
Most provincial rural credit unions were formed after 2003 when China authorized local governments to manage the sprawling rural financial sector. The credit unions were generally set up with funds from lower-level rural credit cooperatives and rural commercial banks.
Nepotism has been an issue for provincial rural credit unions as they can appoint leadership of lower-level rural commercial banks and rural credit cooperatives. This has given rise to a number of corruption cases.
Multiple officials in the rural credit system in central China’s Henan province have been under investigation after a multibillion-dollar banking scam swindled thousands of depositors across the country a year ago.
In 2020, a multibillion-yuan corruption scandal involving the Shanxi Rural Credit Union led to investigations of several officials.
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