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China's AgBank president resigns for personal reasons: Shanghai exchange

AgriculturalBankofChinaLtd.jpg
Pedestrians walk past a branch of the Agricultural Bank of China Ltd. in Beijing, China, on Oct 27, 2010.

[BEIJING] The president of China's third-biggest lender by assets, Agricultural Bank of China Ltd (AgBank) resigned for personal reasons, the Shanghai Stock Exchange said in a statement on Friday.

Zhang Yun, who was both the president of the bank and the vice chairman, was taken away to assist with an investigation, Bloomberg reported in November, citing people familiar with the matter.

AgBank's board approved the bank's current chairman Liu Shiyu to be the acting president, the exchange said, in a separate statement on Friday.

Corruption investigations instigated by China's President Xi Jinping have ensnared top politicans, state enterprise leaders and a cast of senior bankers, including AgBank's former vice president, who was jailed for life for graft.

REUTERS