Wang Yaoting, the vice president of Huaxia Bank (HXB), is under investigation for suspected disciplinary violations, according to a statement issued by the financial institution on Monday night.
The specific reasons for the investigation have not yet been revealed.
Wang is the latest addition to a growing list of senior managers at Chinese national banks that have been investigated by discipline inspectors. In January, China Minsheng Bank president Mao Xiaofeng became the target of a disciplinary violations probe. Mao abruptly resigned from his position as bank president in February for "personal reasons."
Wang Yaoting has held many high-level positions at some of China's prominent state-run financial institutions over the course of his career. He was Deputy Director at the Education Department of the People's Bank of China; he later went on to become the Director of Securities Department and General Manager and assistant to the president of the Securities Department at HXB. Wang is currently Vice President and the party committee member of HXB.
In a statement, HXB said that none of its business dealings will be affected by the investigation into Wang's activities; HXB added that the company will update the public with developments related to Wang's case.
Last year, Wang earned an annual salary of about 2.2 million yuan, or roughly 360,000 U.S. dollars.
