A view of the CITIC Bank in Shanghai in March 2021 Photo: cnsphoto

China CITIC Bank has been fined 224.75 million yuan ($31.7 million) for 56 violations, according to a statement by the National Administration of Financial Regulation on Friday.

The head office of the bank, which has a market capitalization of 267.36 billion yuan ($37.72 billion), was fined 152.426 million yuan with confiscation of illegal gains worth 4.626 million yuan, while the bank's branches were fined 67.7 million yuan.

China CITIC bank said on Friday that the fine - together with the legal judgment in the case of seriously disciplinary violations by Sun Deshun, former president of China CITIC Bank - fully embodies the requirements of comprehensively strengthening financial supervision and preventing and resolving financial risks that were put forward by the central financial work conference. The bank said that it will accept the punishment sincerely and obey and implement the requirements resolutely, Shanghai Securities News reported.

China CITIC bank said that the issues involved in this case all occurred in 2019 and previous years. The bank has completed all the corrections in accordance with the regulatory requirements, and has seriously dealt with the relevant responsible people.

Sun was sentenced to death with a two-year reprieve on Friday for accepting bribes, the Xinhua News Agency reported.

Sun was sentenced by the Intermediate People's Court of Jinan City in East China's Shandong Province. The court found that between 2003 and 2019, Sun took advantage of his positions at various financial institutions to help various enterprises get loans, and in return he illegally accepted money and goods worth 979.5 million yuan, according to Xinhua.

Global Times