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China’s anti-graft body probes former bank execs

China's Central Commission for Discipline Inspection is investigating the former president of China Merchants Bank for alleged serious violations of discipline and law. Tian Huiyu was suspected of violations days after he was removed from the nation's top retail bank. China’s top anti-graft body also said that the former chairman of the supervisory board of Industrial Bank, Jiang Yunming, has also been put under investigation. Caixin reported that Jiang resigned from the bank last month and was Tian's close friend and roommate at university. China Merchants Bank reiterated that its operations are normal. Still, its non-performing ratio of real estate loans rose to 2.57% as of March, up 1.18 percentage points from the end of 2021. This came as China Merchants Securities posted a 43% drop in Q1 net profit from a year ago to Rmb1.49bn.

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