On June 29 evening, Bank of Nanjing suddenly announced that Lin Jingran, the bank’s chief executive and president, resigned due to work requirements. Lin has only held the position for two years. 

Shortly after Lin’s step-down, the 16th Nanjing Municipal People’s Congress appointed Deng Zhiyi as the deputy mayor of the Nanjing Municipal People’s Government on June 30. 

According to the Nanjing Municipal Government’s official website, one of Deng’s responsibilities is to assist in managing the Bank of Nanjing. 

Although the Bank of Nanjing said in an interview that the leadership change hadn’t affected the bank’s operation, the bank’s stock price has shown the opposite. It fell sharply on June 30, hitting the daily limit and closing down 6.46%. On July 01, the stock price continued the downtrend with limited recovery, closing down 1.25% at 10.29 Yuan per share. 

Following the leadership change, the bank once again drew public attention on July 01 with a new announcement. The announcement said that due to the long service life and serious wear and tear of the seal of ”Bank of Nanjing Co., Ltd.”, it decided to replace the seal. It said that the new seal has been registered with the Nanjing Public Security Bureau for the record. The original seal was invalidated and destroyed on the same day.

Before the Bank of Nanjing, there had been no bank-changing-seal case reported. 

Regarding the Bank of Nanjing’s recent incidents, some netizens commented that the bank’s loophole is huge, exposing the bank’s debt structure. Accordingly, 40% [of the debt] invested in real estate, while emerging industries take up 50% of investments. 

They further claimed that many commercial banks in China are, in fact, in the local governments’ pockets. They claimed these banks used reserves to pay for local bonds. 

Meanwhile, Sina reported that the Bank of Nanjing was under a debt crisis of 15 billion dollars and other problems. The bank rejected the information, claiming that it was just rumors and that its business was still in operation as usual. However, regardless of the bank’s explanation, netizens keep discussing the bank’s case, becoming a hot search on Weibo. 

Some even suggest others stay away from all assets related to the Bank of Nanjing.

Previously, Apollo reported that more than 300 depositors of Henan rural banks gathered to protest in front of the Henan Supervision Bureau at 5 am on June 25. 

They were demanding access to their savings since Henan rural banks have suspended all cash withdrawals from April 18.

It is estimated that more than 400,000 depositors across the country cannot withdraw their money with a total amount of more than 6 billion dollars involved.

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