Chinese banks ordered to stop business deals with Anbang

Chinese authorities have told banks to stop various business dealings with Anbang Insurance Group amid reports its chairman Wu Xiaohui is being investigated for economic crimes. A source told Bloomberg that some lenders are already distancing themselves from the company without notice from government. At least six major banks have stopped selling Anbang policies at their branch networks, the publication reported. According to Bloomberg, Anbang’s life insurance unit distributes nearly 90 percent of its products through […] Read More >>