Exclusive: ICBC’s Shanghai Branch Deputy Is Said to Be Under Investigation

By Wu Xiaomeng, Wu Hongyuran and Liu Jiefei

The investigation comes one month after the branch’s former head, Gu Guoming, was put under investigation by the Communist Party’s anti-graft watchdog. Photo: VCG

Lü Hong, a deputy head of the Shanghai branch of Industrial and Commercial Bank of China Ltd. (ICBC), the country’s biggest state-owned commercial lender, is likely under investigation by authorities, sources with knowledge of the matter told Caixin.

This investigation comes one month after the branch’s former head, Gu Guoming, was put under investigation by the Communist Party’s anti-graft watchdog.

Lü’s case is unlikely linked to Gu’s, a person close to the matter told Caixin, adding that regulators found Lü was involved in fundraising and buying wealth management products in violation of regulations.

Lü has been a deputy head of ICBC’s Shanghai branch since January 2017. As of publication time on Monday, Caixin hasn’t been able to reach Lü by phone or through the messaging app WeChat.

Zhang Yuzhe contributed to the story.

Contact reporter Liu Jiefei (jiefeiliu@caixin.com)