Politics
Bank of China appoints Ge as acting chairman after Liu resigns
Bank China's president has announced that President Liu Jin has resigned after just over three years in the post.
Liu, born in 1967, resigned from his positions, including executive director, for personal reasons, effective Aug. 25, the state-owned bank said in a press release on Sunday (Aug. 25), days after he failed to attend a board meeting. Chairman Ge Haijiao will serve as the bank's acting chairman, the statement said.
There were no disagreements with the board and Liu confirmed there were no issues that needed to be brought to the attention of shareholders, according to a filing with the Hong Kong stock exchange.
President Xi Jinping has tightened his grip on China’s $66 trillion financial sector with a sweeping crackdown on corruption and abuses. In April, China launched new anti-graft inspections of some of its biggest lenders, the central bank and regulators, the first major probe since a series of measures in 2021 that sent shockwaves through the sector.
More than 100 senior officials were implicated in these investigations, several of whom received suspended death sentences and one was executed.
Liu Lange, former chairman of the Bank of China, was tried earlier this year on charges that he accepted more than 121 million yuan (S$22 million) in bribes between 2010 and 2023, according to prosecutors. He was investigated by the Central Commission for Discipline Inspection in March 2023.
Liu Jin joined the bank in 2021. Prior to that, he held various positions with other Chinese lenders, including China Everbright Bank and Industrial & Commercial Bank of China.
Bank of China reported a 2.9 percent drop in first-quarter net profit from a year earlier to 56 billion yuan. The bank is expected to release its half-year results next week. BLOOMBERG
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