China Merchants Bank's unspecified probes

 

China Merchants Bank  US$11 billion stock sell-off amid talk of unspecified probes

• Tian was relieved of his job with immediate effect, China Merchants Bank said, adding that he would be assigned to another unspecified post

 

China Merchants Bank has unexpectedly relieved Tian Huiyu of his role as president and chief executive officer, after the stock plunged in Shanghai amid talk of investigations into the affairs of the country’s largest retail bank.

Tian, 56, was relieved of his job with immediate effect, and would be assigned to another post, the Shenzhen-based bank said, without specifying his new role. Tian, appointed to the bank’s top post in September 2013, will be replaced by chief financial officer Wang Liang as interim CEO, the bank said.

Wang, an economist, has a degree in monetary banking from the Renmin University of China, according to Merchants Bank’s bilingual website, which has already removed Tian’s photograph and biography. Wang joined the bank in 1995, working his way up the ranks in various roles until his promotion to First Executive Vice-President and CFO in August 2021.