Corruption Probes Hit The Banking System

Head of China Minsheng Bank resigns after reports he faces corruption investigation
China Minsheng Banking Corp (600016.SS) said on Saturday that its president Mao Xiaofeng had resigned for personal reasons, hours after several Chinese media outlets reported he was being investigated by China’s anti-corruption watchdog.

The reports said Mao had been taken away earlier this week by the Central Commission for Discipline Inspection (CCDI), the ruling Communist Party's top anti-corruption body, to "assist with investigations".

Minsheng, the country’s biggest private lender, posted a statement on its website saying it was aware of the reports concerning Mao and noted that the issue highlighted in the reports concerned Mao’s personal affairs and was not affecting the bank’s operations.

Former Minsheng Banking chief Mao Xiaofeng 'had links to wives of fallen leaders
The Beijing News reported on Sunday that Mao had paved the way for Ling's wife, Gu Liping , to work at a bank subsidiary for three years.

It said Yu Lifang, the wife of Su Rong, the former deputy chairman of the national political advisory body, also worked at the bank for a "long time" and sat on the bank board's audit committee after she retired.

Ling and Su were detained last year amid separate internal party investigations into alleged graft.

Minsheng was already the subject of intense media attention, with Anbang Insurance mounting an aggressive push to amass shares in the bank last month.

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