Financial regulators took control of the commercial bank in May last year for a preliminary one-year period due to its "serious credit risks."
Follow-up takeover procedures will take a longer time due to the impact of the COVID-19 outbreak, the People's Bank of China (PBOC) said on its official website.
Solid progress was made after the takeover. Mengshang Bank, a new commercial bank set up to acquire Baoshang Bank's assets, liabilities, businesses and employees within Inner Mongolia Autonomous Region, has gone into operation, the PBOC said.
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