Wednesday, 17 July 2024
China Minsheng Bank says branch chief suspected of illegal conduct
China Minsheng Banking Corp said it has notified police that the head of one of its branches is suspected of illegal conduct - a statement which follows local media reports of missing money from wealth management products.
Police are investigating Zhang Ying, president of the Hangtianqiao branch in Beijing, Minsheng said in a stock exchange filing late on Tuesday.
Business magazine Yicai, citing unidentified sources, said on Tuesday that Zhang was being investigated in connection with 3 billion yuan ($435 million) missing from Minsheng's wealth management products.
Aggressive expansion by mid-sized Chinese banks, particularly into wealth management, and whether sufficient compliance standards are being used has been an area of concern for investors.
Minsheng said it has set up a working group to assist police, adding that "the amount involved as reported by media" was still being investigated. It did not give Zhang's whereabouts.
A spokesman for the lender declined to comment or provide contact details for Zhang.
Re-disseminated by The Asian Banker from Reuters
