Former ICBC Vice President Ousted From Party on Corruption Allegation

Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China Ltd. (ICBC), has been expelled from the Communist Party due to corruption charges following a six-month investigation by China's top anti-corruption agency, the Central Commission for Discipline Inspection (CCDI). The CCDI's statement highlighted that Zhang severely breached multiple party disciplines and is suspected of engaging in bribery. His offenses include accepting travel arrangements that could affect his impartiality in public service, organizing publicly funded banquets and trips, and misusing his position to influence recruitment and promotions for personal benefit [para. 1][para. 2].

Furthermore, Zhang was found to have abused his official power extensively for private gain, involving himself in corrupt practices such as trading power for money, manipulating loan financing to benefit acquaintances, and accumulating significant illicit wealth. The CCDI also accused him of cultivating networks of political brokers and participating in corrupt exchanges of interests. Following these findings, Zhang’s case has been forwarded to prosecutorial authorities for potential legal action [para. 2][para. 3].

Before his tenure at ICBC—which lasted from 2010 to 2018 and where he contributed to making it the world’s largest bank by assets—Zhang had accumulated substantial international experience. His career included positions at major global institutions such as Hewlett Packard in the U.S., Schroders International Merchant Bank in the U.K., Goldman Sachs, and Deutsche Bank. After leaving ICBC, he joined Hopu Investment Management Co. Ltd., a major private equity firm, as co-chairman [para. 4][para. 5].

This expulsion comes amidst a broader anti-corruption drive within China's financial sector that has seen several other former ICBC executives being investigated or prosecuted over recent years. Some of these executives were reportedly closely associated with Zhang [para. 6]. This ongoing campaign reflects the Chinese government's continued efforts to root out corruption within its major state-owned enterprises [para. 6].