You are here: Home » Reuters » News
Business Standard

China asks banks to suspend dealings with Anbang - Bloomberg

Reuters  |  BEIJING 

(Reuters) - Chinese authorities have asked banks to suspend business dealings with Group, reported on Thursday, a day after the insurer said its had stepped aside, amid reports he had been detained.

The report cited an unnamed source and did not give details on what type of business dealings authorities asked banks to suspend with

A spokesman for the insurer said Group's products are still being sold through bank channels.

Anbang, one of China's most aggressive buyers of overseas assets, said on Wednesday that Wu Xiaohui was temporarily unable to fulfill his duties. Last week, the company denied reports that Wu had been barred from leaving

Last month, China's regulator barred the group's Life Co from applying to issue new products for three months.

Life was cited for "disrupting market order" by designing a product that bypassed regulations aimed at curbing growth of short-term, risky universal life products, the Regulatory Commission said in a notice in early May.

China's banking regulator did not immediately respond to a faxed request for comment from

(Reporting by Tony Munroe; Editing by Ian Geoghegan)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU