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China’s AgBank president resigns for private reasons – Shanghai exchange

BEIJING Dec five The president of China’s third-most significant lender by assets, Agricultural Bank of China Ltd (AgBank) resigned for personal reasons, the Shanghai Stock Exchange stated in a statement on Friday.

Zhang Yun, who was each the president of the bank and the vice chairman, was taken away to assist with an investigation, Bloomberg reported in November, citing men and women familiar with the matter.

AgBank’s board authorized the bank’s current chairman Liu Shiyu to be the acting president, the exchange stated, in a separate statement on Friday.

Corruption investigations instigated by China’s President Xi Jinping have ensnared best politicans, state enterprise leaders and a cast of senior bankers, which includes AgBank’s former vice president, who was jailed for life for graft. (Reporting by Sue-Lin Wong and Huang Kai Editing by Richard Pullin)