Head of China Minsheng Bank resigns

Updated: 2015-01-31 19:40


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Head of China Minsheng Bank resigns

China Minsheng Bank President Mao Xiaofeng speaks at a conference on Feb 28, 2011. [Photo/CFP]

China Minsheng Banking Corp said on Saturday that its president Mao Xiaofeng had resigned for personal reasons, hours after several Chinese media outlets reported he was being investigated by China's anti-corruption watchdog.

The reports said Mao had been taken away earlier this week by the Central Commission for Discipline Inspection (CCDI) to "assist with investigations".

Minsheng, the country's biggest private lender, posted a statement on its website saying it was aware of the reports concerning Mao and noted that the issue highlighted in the reports concerned Mao's personal affairs and was not affecting the bank's operations.

It later filed notice of Mao's resignation with the Shanghai Stock Exchange.

Board chairman Hong Qi will temporarily take his place as president as determined by the board, the bank said.

Minsheng's earlier statement did not confirm that Mao had been taken into custody by CCDI nor whether he was facing an investigation from the corruption watchdog.

According to People's Daily, Minsheng on Friday sent an internal notice to its branch employees and others, telling them to be ready to "respond to possible emergency" over the weekend.