China Everbright Bank. [Photo: Xinhua]

The China Banking Regulatory Commission has revoked the private fund-manager licenses of 17 commercial banks.

Media reports say the specific reason could be they had violated certain conditions under the Law on Commercial Banks, which does not allow lenders to have integrated securities investment operations.

Instead, they have to set up subsidiary companies to engage in the business, but only after undergoing close government examination and approval.

The 17 banks are believed to include China Everbright, Ping An, SPD, China Minsheng, and Bank of Beijing.