China Probes Ex-President of Merchants Bank for Violations
- Tian Huiyu was investigated for serious violations of law
- Bank’s shares fell 13% in past week on management change
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Chinese authorities are investigating Tian Huiyu, former president of China Merchants Bank Co., for suspected violations, days after removing him from the nation’s top retail bank.
Tian, 56, is being probed for alleged serious violations of discipline and law, China’s top anti-graft body said in a statement Friday, without elaborating. Earlier in the week, he was abruptly removed from the role at Merchants Bank and subject to further assignment, after spending nearly nine years building the lender into the nation’s king of retail banking.