Bank of China

Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.


Bank of China vice-president resigns after allegations of affairs

Bank of China vice-president Wang Yongli resigns after being probed by the party's disciplinary body, which suspends him for unrelated issues

PUBLISHED : Saturday, 19 April, 2014, 1:54pm
UPDATED : Sunday, 20 April, 2014, 9:02am

A vice-president of China's fourth-largest bank has resigned after he was investigated and subsequently cleared of suspicion of corruption by the Communist Party's top disciplinary body, mainland media reported.

Wang Yongli, 50, a vice-president and executive director of Hong Kong-listed Bank of China, had resigned from the bank, effective from 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 a vice-president for more than seven. He had been in charge of various departments within the bank, including finance and information technology, before being promoted to vice-president in 2006.

Wang was a contender for the bank's top job when its previous president, Li Lihui , retired at the end of last year, Beijing-based Caixin magazine said.

Wang lost out on the job to a fellow vice-president, Chen Siqing, who was named president in January.

Caixin cited multiple sources as saying a "lover" of the married Wang had alerted the Communist Party's Central Commission for Discipline Inspection to the fact that Wang, a party member, had engaged in multiple extramarital affairs in violation of party discipline.

The anti-graft body conducted an investigation into Wang for months but found no evidence of "economic problems" or corrupt behaviour involving money, Caixin said.

Wang was not charged with any crime but was placed on two year's probation within the party as an internal disciplinary measure, it said.

Bank of China is the 11th largest bank in the world, with US$2.2 trillion in total assets, according to a ranking by SNL Financial in December last year.


Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

Enter multiple addresses separated by commas(,)

Related topics

More on this story