China probes former president of Merchants Bank for violations

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BEIJING (Bloomberg): 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 (April 22), 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.