Tian Huiyu, former chairman of China Merchants Bank, is arrested for allegedly accepting bribes and abusing power. – The Informant. 🇳🇱 #WeStandAsOne



Tian Huiyu, former chairman of China Merchants Bank, is arrested for allegedly accepting bribes and abusing power.

Published on 26.10.2022


Tian Huiyu, former chairman of China Merchants Bank, was arrested on suspicion of accepting bribes and abusing his power.

China Merchants Bank plunges 7.35% after major senior executive change
Pandaily

China Merchants Bank (CMB) announced at a meeting on Monday afternoon that it had decided to remove Tian Huiyu as chairman and director of the bank and make another appointment for the post.

While waiting for the new president to be appointed, Wang Liang, the current executive vice president of the bank, will temporarily chair the work of the CMB.

According to local media Cailian Press, Mr. Tian will be deputy director of the executive committee of the Financial Business Group of China Merchants Group, vice president of China Merchants Finance Holdings Co. Ltd.

China Merchants Bank’s share price plunged 7.35% on Monday, closing at 43.39 yuan ($6.82) per share. This sharp fall, rare for a bank stock, made this topic go viral on the social media platform Weibo, triggering many discussions.

Tian Huiyu has been the chairman of CMB for more than 9 years. According to his CV, Tian is 56 years old, he holds a bachelor’s degree in infrastructure finance and credit from Shanghai University of Finance and Economics and a master’s degree in public administration from the University of Columbia. Prior to joining CMB, he worked as Vice President of China Cinda Asset Management Co., Ltd. for five years, then joined Bank of Shanghai as the company’s vice chairman in 2003.

After leaving Bank of Shanghai, Tian worked for China Construction Bank (CCB) and served as Vice President of CCB Shanghai Branch. He was also the main manager and chairman of the CCB branch in Shenzhen. Since 2011, he has served as CWB’s Retail Business Manager and Senior Manager and Chairman of CWB’s Beijing Branch. In 2013, he left CCB, where he worked for nearly 7 years, and officially joined CMB as President.

In March this year, CMB released its 2021 annual report, showing that the bank earned 331.25 billion yuan in operating income, a year-on-year increase of 14.04 percent. Its net profit attributable to shareholders was 119.92 billion yuan, a year-on-year increase of 23.20%. At the same time, the bank’s non-performing loan ratio fell to less than 1%.

SEE AS ​​WELL : China: What Will the CCP Do After Hu Jintao’s Arrest at the 20th Party Congress?

By the end of 2021, CMB had 173 million retail customers, and the assets under management (AUM) of retail customers stood at 10,759.170 billion yuan, an increase of 20.33% from the end. from last year. It is also a new record for the bank’s growth rate in more than six years.



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