US banking giant Citigroup has been fined 10 million yuan (US$1.6 million) by China’s financial watchdog in Shanghai, accused of violating mortgage lending rules and for showing insufficient care when issuing credit cards.
According to the China Banking Regulatory Commission (CBRC)’s website, dated August 11, some of the lender’s branches had violated interest rate rules when extending montages, and had not been “cautious enough” when issuing credit cards to some…
Source : South China Morning Post
Read more…Citi hit with US.6m fine in Shanghai for violated mortgage lending rules, and slack credit card issuance
