China urges lenders to curb scandals – Reuters

From Reuters:

China’s banking regulator on Friday urged the country’s lenders to redouble efforts to strengthen internal controls and prevent scandals, renewing a call for better supervision following a series of fraud cases.

“Although some achievements have been gained in addressing banking scandals since last year, the current situation in this regard is still very serious,” the China Banking Regulatory Commission said in a notice published on its Web site ( ).

In June alone, several banks including Pudong Development Bank Co.(600000.SS: Quote, Profile, Research), Bank of Communications (3328.HK: Quote, Profile, Research) and China CITIC Bank reported large amounts of theft or loan fraud.

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