China Guangfa Bank Co., Ltd. controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2023
Former China Life Insurance Group chairman Wang Bin given suspended death sentence in first-instance bribery ruling
On September 12, 2023, the Jinan Intermediate People's Court sentenced Wang Bin, former chairman of China Life Insurance Group and former chairman of China Guangfa Bank, to death with a two-year reprieve in the first instance, commuted to life imprisonment without parole after the reprieve. He was found to have accepted bribes of more than 325 million yuan and concealed overseas deposits of more than 56.42 million yuan; the bribery conduct involved his positions at multiple financial institutions.
2019
Guangfa Bank responds to regulatory penalties
Company response
Guangfa Bank stated that the penalties imposed on its former chairman and former president were follow-up administrative penalties connected to a risk incident from two years earlier. The bank said it had taken measures to strengthen internal controls and compliance management. The statement was made in response to the regulatory penalties, without further details on the specific measures or the nature of the incident.
Guangfa Bank said the penalties against its former chairman and president were follow-up administrative penalties related to a risk incident from two years earlier. The bank said it had taken measures to strengthen internal controls and compliance.
Company response
Remediation — 广发银行
广发银行采取系列措施，健全合规体系，完善规章制度，加强员工管理，开展合规教育，加强风险排查
Source excerpt
针对银保监会对广发银行原董事长董建岳和原行长利明献的处罚，广发银行回应称，系两年前监管机构对广发银行风险事件处罚的后续行政处罚。
特别是在内控管理方面，广发银行采取系列措施，健全合规体系，完善规章制度，加强员工管理，开展合规教育，加强风险排查，确保合规稳健经营。
2017
Huizhou branch fined and confiscated 722 million yuan in illegal guarantee and fake letter of guarantee case
In December 2017, the China Banking Regulatory Commission announced penalties in the illegal guarantee case of China Guangfa Bank's Huizhou branch, with the bank and related branches fined and confiscated a total of 722 million yuan. The case was exposed by the Qiaoxing bond redemption incident and involved issues such as illegal guarantees, concealment of non-performing assets, and distorted regulatory statements.