Nov 04, 2023 07:34 PM

FINANCE

Former ICBC Vice President Under Investigation for Suspected Corruption

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Zhang Hongli

Zhang Hongli

What’s new: Zhang Hongli, a former senior executive vice president of Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH), has been placed under investigation for suspected severe violations of law and Communist Party discipline — a euphemism for corruption.

The Central Commission for Discipline Inspection, China’s top anti-graft watchdog, announced the move in a brief statement Saturday, without providing details.

Zhang served ICBC for eight years, from 2010 to 2018. The bank is the world’s largest by assets.

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