China’s Anti-Corruption Squad Probes Huaxia Bank Vice President

A vice president at Huaxia Bank Co., which is partly owned by Deutsche Bank AG, is under investigation by anti-graft authorities as China’s crackdown on corruption spreads to the financial industry.

The Communist Party’s top anti-graft agency is investigating Wang Yaoting for suspected discipline violations, Beijing-based Huaxia Bank said in a Shanghai Stock Exchange filing on Monday. Huaxia Bank said its operations are continuing normally and its financial condition hasn’t been affected.

President Xi Jinping is waging China’s broadest crackdown on corruption in decades. More than 70 top executives at state-owned enterprises, including some with listings in Hong Kong, were busted last year, People’s Daily said in January.

In January, China Minsheng Banking Corp. cited “personal reasons” for the resignation of its president as mainland media outlets reported that he was under investigation by authorities.

— With assistance by Aipeng Soo

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