On July 6, financial regulatory authorities announced penalties against several units of Postal Savings Bank Of China Co.,Ltd. (PSBC).

The Lingyuan City Sub-branch of PSBC was fined 1 million yuan by the Chaoyang Financial Regulatory Sub-bureau for inadequate supervision and management of the business conduct of its agency outlets and insufficient management of its employees. The former head of this sub-branch, Ren Wei, received a warning.

The Chaoyang City Branch of PSBC was also fined 1 million yuan for insufficient oversight and inspection of agency outlets and inadequate supervision of employee management. The former head of this branch, Yang Xingjun, was given a warning.

Separately, the Liaoning Lingyuan City Branch of China Post Group Co., Ltd. was fined 500,000 yuan for directly participating in the irregular handling of savings business.

Four deputy heads from the involved PSBC units—Zhao Yuhong, Li Guohua, Deng Hailong, and Sun Guiqiang—were each issued warnings for their failures in supervising the business operations of agency outlets.

In a more severe individual penalty, Bai Jing, a former financial manager at the PSBC Lingyuan City Sub-branch, was banned for life from working in the banking industry for repeatedly engaging in prohibited illegal activities.

Another individual, Wang Yongqiang, the former head of the PSBC Lingyuan Nanjie Business Office, was banned from the banking industry for five years due to irregularities in handling savings business.