Phillip Bennett, its British-born chief executive, was said to have taken at least $430m in unauthorised loans.
Mr Guo, then at the central bank, told the official media this month that CCB had disciplined 40,000 employees and BoC at least 18,000 for misappropriating funds and making unauthorised loans.
A survey of more than 3,500 people found that 19% had used an unauthorised overdraft, loan, credit card, or borrowed money from someone they knew to pay their rent or mortgage in the previous 12 months.
Theirs is the cheapest option, he insisted, and rattled off figures to suggest that unauthorised bank loans cost customers a LOT of money (a basic £35 per withdrawal on occasion) to service and repay.
Make sure your child knows where to turn if they do run into financial difficulties, whether that's the bank of mum and dad or advisers at the university, and that they understand the risks of payday loans or unauthorised overdrafts.
One in six families are covering essential costs with payday loans or unauthorised overdrafts, or are defaulting on household bills, in the most financially distressed parts of Britain, according to research which suggests that some of the neighbourhoods struggling the most are concealed in pockets of otherwise affluent areas.
That in some parts of the country one in six families is either covering essential costs with payday loans or unauthorised overdrafts or are simply defaulting on household bills, is a finding that everyone – whether regulator, government or consumer body - should be aware of.
Hodge Hill in Birmingham was deemed to be the most financially distressed constituency, and other areas where one in six said they were reliant on payday loans or unauthorised overdrafts or defaulting on household bills included Bradford East, Islington North in London, and Belfast West.
The Labour MP Rachel Reeves said that the cost of an unauthorised overdraft was greater than a payday loan, where the charges have been capped.
