Ex-President of China Merchants Bank Investigated for Suspected Corruption

China’s top anti-graft watchdog announced Friday that Tian Huiyu, a former president of China Merchants Bank Co. Ltd. (CMB) (600036.SH), is under investigation for suspected severe violations of law and Communist Party discipline — a euphemism for corruption.

The bank announced Monday that Tian had been removed from his position, prompting its Shanghai- and Hong Kong-listed shares to drop over the next two days.

The 56-year-old had served as president of CMB, one of China’s largest commercial banks, for almost nine years. Before that, he was a senior executive at China Construction Bank Corp. (CCB), one of the country’s “Big Four” state-owned banks, and was president of CCB’s Shenzhen branch from 2007 to 2011.