CHINA: Bank of China said that President Liu Jin has stepped down after a little more than three years in the job.
Liu, born in 1967, resigned from his roles including as executive director due to personal reasons, effective from Aug 25, the state-owned bank said in a stock exchange filing on Sunday (Aug 25), days after he was absent from a board meeting. Chairman Ge Haijiao will be the acting president of the bank, according to the statement.
There was no disagreement with the board, and Liu confirmed that there are no matters that need to be brought to the attention of shareholders, a filing to the Hong Kong exchange said.
President Xi Jinping has been tightening his grip over China’s US$66 trillion financial sector with sweeping crackdowns on corruption and violations. In April, China kicked off new anti-graft inspections of some of its largest lenders, the central bank and regulators, the first broad probe since a round in 2021 that sent shock waves through the industry.
More than 100 top executives have been ensnared in the probes, with several handed suspended death sentences and one executed.
Liu Lange, Bank of China’s ex-chairman, was put on trial earlier this year for taking more than 121 million yuan (S$22 million) of bribes from 2010 to 2023, according to prosecutors. He was put under a probe by the Central Commission for Discipline Inspection in March 2023.
Liu Jin joined the bank in 2021. Before that, he held various roles at other Chinese lenders including China Everbright Bank and Industrial & Commercial Bank of China.
Bank of China reported a 2.9 per cent year-on-year decline in first-quarter net income to 56 billion yuan. The lender is scheduled to release its half-year earnings next week. -BLOOMBERG
