Troubled Hengfeng Bank Co. Ltd. has received official approval for a restructuring plan that involves investments from a provincial government and a unit of China’s sovereign wealth fund, Caixin has learned.
Hengfeng Bank, one of China’s 12 national joint-stock lenders, will receive a 30 billion yuan ($4.3 billion) investment from an entity controlled by the Shandong provincial government, making the entity the biggest shareholder of the Shandong-based bank once the deal is done, multiple sources told Caixin.
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