CBRC: without approval, no entity shall use the word “bank” in its name

2022-06-04 0 By

China Banking And Insurance Regulatory Commission (CBRC) has found several cases of improper use of the word “bank” in some places without the approval of the CBRC or its local offices, the CBRC announced on its website on January 27 afternoon.Some places use the word “bank” is named after some public projects, and in the work plan and other documents issued by public specification not use the word “bank”, including the use of “two mountains bank” “food bank” name related ecological resources management development platform, prominently used the word “bank” in place of business identity, etc.Unauthorized use of the word “bank”, the alleged violation of article 11 of the commercial bank law of the People’s Republic of China “without the approval of the banking regulatory authority under the State Council, no unit or individual may engage in absorbing public deposits and other commercial banking business, no entity may use the words” bank “in the name of” the law.At the same time, it is easy to mislead the public and disrupt the order of the financial market to name the relevant ecological resources operation and development platform as “bank”.All localities should rectify and correct the improper use of the word “bank” in a timely manner.Regulatory authorities at all levels should do a good job in publicizing the interpretation of the law, combine supervision with law enforcement, and coordinate and promote the standardization of the use of the word “bank” in accordance with the law.Source: Beijing Daily client