What’s new: Zhang Keli, a former president of Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH) Hunan branch, has been put under investigation for serious violations of law and Communist Party discipline, according to a statement (link in Chinese) released Thursday by the Central Commission for Discipline Inspection (CCDI), the country’s top antigraft body.
ICBC is the world’s largest bank by assets.
Zhang, 65, was appointed as president and party committee chief of ICBC’s Hunan branch in December 2010, according to the statement. He retired in June 2016.
The background: China has stepped up anti-corruption efforts in the financial sector in recent years. In August, Gu Guoming, a former president of ICBC’s Shanghai branch, was sentenced to life in prison for taking bribes. In September, Lu Jinwen, a former vice president of ICBC’s Guangdong branch, was put under investigation by graft busters.
In late September, the CCDI announced a fresh round of inspections of the country’s 25 major financial regulators and institutions, including ICBC.
Related: China’s Top Graft-Buster Reveals Details of Loans-for-Bribes Schemes at ICBC
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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