The former president of the Bank of China has been sacked from his current job, it was confirmed Monday as a report said US financial authorities are investigating the bank.
A Bank of China spokesman said Wang Xuebing was dismissed from the China Construction Bank (CCB), where he was serving as president and chief executive, on Friday last week over financial irregularities while at the Bank of China.
"Wang Xuebing has been removed from his post and replaced by Zhang Enzhao," the spokesman said. "He is under investigation for financial irregularities committed while he was governor of the Bank of China."
The Asian Wall Street Journal said yesterday the US Treasury Department is investigating the state-owned bank, which is one of China's four largest and has branches in the US.
Wang ran the Bank of China's operations in the US from 1988 to 1993 before returning to Beijing to take over the bank presidency.
His sacking follows the removal of two of his close associates, former Bank of China Hong Kong and Macau general manager Liang Xiaoting and former head of the bank's US operations in 2000, Li Chuanjie.
Wang also served on the monetary policy board of the People's Bank of China, and was an alternative member of the Communist Party central committee.
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