China cuts bank count by nearly a quarter in oversight drive
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China has reduced its total number of banks by nearly a quarter as part of a drive to strengthen oversight of smaller lenders. The consolidation comes amid signs of sluggish credit demand in the world's second-largest economy.
Key Facts
- China's total number of banks has fallen by nearly 25 percent.
- The country's state-controlled banking system holds about $64 trillion in overall assets.
- The consolidation drive targets smaller lenders amid slower economic momentum.
Bank Consolidation
China has cut its total number of banks by nearly a quarter. The reduction is part of a drive to strengthen oversight of smaller lenders. Regional consolidation is occurring within China's vast state-controlled banking system. The system holds approximately $64 trillion in overall assets.
Economic Slowdown
The consolidation comes amid signs of sluggish demand for credit. China is the world's second-largest economy. Slower economic momentum has accompanied the oversight drive.
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