A vice-president of China’s fourth largest bank has resigned after he was investigated by the Communist Party’s top discipline body but cleared over suspicions of corruption, Chinese media reported.
Wang Yongli, 50, a vice-president and executive director of the Hong Kong-listed Bank of China, had resigned from the bank effective on Wednesday, the bank said in a statement on Friday night.
Wang, who holds a doctoral degree in economics from China’s Xiamen University, had worked at the bank for 25 years and been vice-president for more than seven. He had been in charge of various key departments within the bank, including finance and IT, before being promoted to vice-president in 2006.
Wang was a hot contender for the bank’s top job when its former president Li Lihui retired at the end of last year, but lost out in the competition to fellow Vice-President Chen Siqing, who was named Bank of China’s president in January this year, reported Beijing-based Caixin magazine.
Caixin cited multiple sources as saying that a “lover” of Wang, who is married, had alerted the Communist Party’s Central Commission for Discipline Inspection to the fact that Wang, a Party member, had maintained multiple extramarital affairs in violation of party discipline.
The anti-corruption body then conducted months of investigation into Wang but found no evidence of “economic problems”, or corrupt behaviour involving money, said Caixin.
Wang was not charged with any crime, but was placed on a two-year probation within the Party as an internal disciplinary measure, it said.
Bank of China was the fourth largest bank in the mainland and 11th in the world with US$2,226 billion in total assets, according to a ranking by SNL Financial in December last year.
Wang is among the latest senior executives at Chinese state-owned firms to be investigated for romantic liaisons.