BEIJING, July 3 (Xinhua) -- China's financial regulator has placed Wuhan Z-Bank Co., Ltd. under a one-year takeover due to severe credit risks, according to a joint announcement by the National Financial Regulatory Administration and the provincial government of central China's Hubei Province on Friday.
The decision, which was made in accordance with relevant laws, aims to protect the legitimate rights and interests of depositors and other clients, according to the announcement.
The takeover period runs from July 3, 2026, to July 2, 2027, the announcement said.
During the takeover period, all banking services at Wuhan Z-Bank will continue to operate normally. The regulator assured that the lawful rights of depositors and clients will be fully safeguarded.
For personal deposits, both principal and interest are fully guaranteed and remain unaffected. Corporate deposits and interbank liabilities will be protected under the established guarantee plan. New deposits and interbank liabilities incurred after the takeover will also enjoy full principal and interest protection, with no impact on their security, the announcement said.
Based in Wuhan, the capital of Hubei Province, the private bank was established in 2017 as an "online transaction bank focusing on serving micro and small enterprises and the general public," the company said on its website. ■
