China Minsheng Bank information chief under investigation for suspected corruption
Minsheng Bank’s Lin Xiaoxuan is under review by the China Banking Regulatory Commission on suspicion of ‘serious violation of discipline’
A senior executive at China Minsheng Bank is being investigated by the government’s banking watchdog on suspicion of “serious violation of discipline”, amid an ongoing anti-corruption crackdown in the financial industry.
Lin Xiaoxuan, the bank’s chief information officer, is under review by the China Banking Regulatory Commission (CBRC), according to a notice on the Central Commission for Discipline Inspection’s website on Tuesday evening. “Serious violation of discipline”is the usual euphemism for corruption.
The 52-year-old executive has served in his role at the Hong Kong-listed China Minsheng Bank since January, the statement said.
He took on the role after resigning as executive vice-president of the Agricultural Bank of China last year, where he had also been a member of the party committee. Before that, he had worked for decades in various information technology roles at the Industrial and Commercial Bank of China, including serving as the bank’s chief information officer.
The news of Lin’s investigation comes one week after the CBRC approved his qualifications as chief information officer, the company said in an announcement.
Mainland financial news site Caixin cited sources saying the investigation is unrelated to Lin’s role at Minsheng Bank or previous financial institutions at which he worked. He was already barred from leaving the mainland since early June, according to their report.
Top executives at the bank told Caixin they had not yet decided who would take over Lin’s current role.
Minsheng Bank said late on Tuesday that they were told of the matter, and that the bank would operate as normal.