ABC head resigns
BEIJING: The head of China’s fourth-largest state bank has resigned citing personal reasons amid reports of his involvement in a corruption investigation. No details were given about the departure of Agricultural Bank of China (ABC) president Zhang Yun, as per reports on Saturday. The resignation of the 56-year-old executive comes amid an ongoing campaign against corruption in the Chinese government, the military and state industries. A massive stock market sell-off over the summer has also lately focused investigators’ gaze on the financial sector. Caixin reported that Zhang had been demoted and placed under two years’ probation in October after being investigated by ruling Communist Party’s anti-corruption watchdog body over a series of cases. Reports also said a subordinate in the bank’s Shenzhen branch had been placed under investigation for corruption earlier in the year.