TANZANIA TAKES OVER CHINESE BANK

Tanzania’s central bank took over the management of China Commercial Bank Ltd. from Thursday due to liquidity problems as the East African nation continues to tighten up banking supervision and encourage consolidation.

The Chinese lender failed to “meet regulatory requirements regarding capital adequacy and inability to effect restoration of capital to required levels,” Bank of Tanzania Governor Florens Luoga said in an emailed statement.

“In line with statutory administration procedures, China Commercial Bank Ltd. will not open doors for normal business for a period not exceeding 90 days, after which the Bank of Tanzania will determine the appropriate resolution option,” he said.

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