President of China's 3rd-biggest bank resigns amid graft probe
The president of China’s third-largest bank, Agricultural Bank of China Ltd. (AgBank), has resigned amid a graft probe ordered by President Xi Jinping.
The Shanghai Stock Exchange said in a statement on Friday that Zhang Yun, who was both president and vice chairman of the bank, was summoned by authorities for the investigation.
Zhang Yun himself has cited personal reasons for his resignation.
Meanwhile, AgBank’s board of trustees has approved the bank’s current chairman, Liu Shiyu, to be the acting president, the exchange said in a separate statement on Friday.
President Xi Jinping launched an anti-corruption campaign shortly after taking power in 2012. The wide-ranging anti-corruption campaign within the ruling Communist Party and government maintains huge popularity among the Chinese public.
President Xi has pledged to root out every corrupt official.
The president has said that widespread graft threatens his party’s survival.
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