CHINESE authorities charged Tian Huiyu, the former president of China Merchants Bank, over suspected violations including taking bribes and insider trading, after an almost one-year long investigation of the ex-official at the nation’s top retail bank.

Tian, 57, will be prosecuted on charges that also include the abuse of power and leaking information, the Supreme People’s Procuratorate said in a statement on Tuesday (Feb 28). He was arrested and expelled from the Communist Party in October.

Beijing is stepping up efforts to clean up the US$60 trillion financial system, with authorities stressing the need to prevent systemic risks and safeguard financial stability while striving to bring the world’s second-largest economy back on its feet.

Tian allegedly used his positions at firms including the trust arm of China Cinda Asset Management and Merchants Bank to gather “huge” bribes in exchange for loan approvals and project undertakings, according to the statement. His misconduct severely damaged national interests, the authorities said.

Dozens of officials have been investigated or prosecuted since President Xi Jinping unleashed a campaign to root out corruption in the financial sector in late 2021. While Xi claimed victory in the campaign last year, there are few signs of a let-up. One of China’s top investment bankers disappeared earlier this month and the nation’s top anti-graft body pledged last week to resolutely fight against corruption and crack down on violations in the finance sector and at state-owned enterprises.

Tian had helmed Merchants Bank since May 2013. Prior to that, he held various roles at other lenders including Bank of Shanghai. He once served as a secretary for Vice-President Wang Qishan when he was the head of China Construction Bank in the 1990s.

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The shares of Merchants Bank have lost 18 per cent in Hong Kong and 12 per cent in Shanghai since Tian was placed under investigation in April last year. BLOOMBERG