The Guangdong Financial Regulatory Bureau has approved Jiangmen Rural Commercial Bank's absorption of Longchuan Ronghe Village Bank and Raoping Ronghe Village Bank. This regulatory greenlight, issued on July 16, authorizes the commercial bank to take over all assets, liabilities, business operations, and employees of both village banks following their liquidation audits.
Regulators mandated Jiangmen Rural Commercial Bank to execute the absorption process in strict compliance with relevant laws and regulations. The institution must also ensure both village banks complete all necessary procedures for terminating their legal entity status.
Upon finalizing merger preparations, Jiangmen Rural Commercial Bank is required to file applications with regulatory authorities concerning branch operations commencement and other relevant matters, adhering to established procedures and regulatory frameworks.
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