HONG KONG (Reuters) – Six Chinese bank wealth managers have been fined a total of 32.5 million yuan ($4.5 million) due to disclosure, product management irregularities.
China Merchant Bank and its wealth management unit, as well as the wealth management units of Ping An Bank, China Construction Bank, Bank of China and Citic Group breached regulations of product disclosure and management, China’s National Financial Regulatory Administration announced on Friday.
The banks could not immediately be reached for comment on Saturday.
($1 = 7.2672 Chinese yuan renminbi)
(Reporting by Selena Li and Gu Li)
