NAB's former UK subsidiaries Clydesdale and Yorkshire Bank have launched an online and mobile-only bank dubbed B, reports Finextra. The launch of B represents the first major move by the underperforming and troubled UK high street banks since they were jettisoned by NAB via an IPO in February this year. The new bank is intended to appeal to a "tech-savvy generation of banking customers that are the target base of a host of UK banking startups," Finextra says. The China Banking Regulatory Commission is cracking down on financial engineering being used to disguise risky loans as a category of investment products, and to move them off balance sheets, the Financial Times reports. Chinese banks have been artificially reducing defaults on their balance sheets by reclassifying impaired loans as investments, or so-called debt receivables. Forcing China's banks to make provisions they previously avoided through the use of accounting mischief is designed to address one aspect of the country's banking sector where bad debts are increasing without appropriate controls.