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Is Chaoyang Bank formal?

Yes

According to official website of Chaoyang Bank, Chaoyang Bank Co., Ltd. is a joint-stock banking financial institution approved by China Banking Regulatory Commission, and its headquarters is located in Chaoyang City, Liaoning Province. In June 2008, Chaoyang City Commercial Bank was established, and it was renamed Chaoyang Bank in April 20 1 1.