The financial regulator in Jiangxi province has approved the acquisition of Lichuan Fushang Village Bank Co., Ltd. by Jiangxi Lichuan Rural Commercial Bank Co., Ltd.

According to the official批复 issued by the Jiangxi Local Financial Regulatory Authority, the rural commercial bank is authorized to proceed with the absorption and merger. As part of this process, it will assume all assets, liabilities, business operations, and employees of the village bank following the completion of a thorough asset and liability verification.

The regulatory authority has instructed the involved banks to strictly adhere to all relevant laws and regulations throughout the merger procedure. It has also mandated that Lichuan Fushang Village Bank complete the necessary steps to terminate its status as a legal entity.

Furthermore, the regulator emphasized the importance of meticulous planning to ensure operational and staffing stability during the transition. It called for strengthened risk prevention and control measures to mitigate any potential risks, including those related to public sentiment.