China - Henan province named 25 indebted and feeble local banks to be merged

More than 60 small- and medium-sized lenders were dissolved or merged in China in the past two months

The info comes from noted China analyst Michael Pettis via twitter:

Henan province announced its consolidation plans on Sunday, naming 25 institutions to be merged into a provincial-level rural commercial bank.

And goes on:

This of course was inevitable. That its taken so long is a negative. That its finally happening is a positive.