Exclusive: Former Citic Bank Chair Penalized for Wrongdoing, Sources Say

Li Qingping, a former chairperson of state-owned China Citic Bank Corp. Ltd. (601998.SH), has been penalized with a downgrade of her official rank and expelled from the Communist Party, sources with knowledge of the matter recently told Caixin.

Li is likely to have been punished for promoting problematic executives, including Xie Hongru, a former president of Citic Bank’s Guangzhou branch who was named business director of the head office in Beijing in 2018 at the recommendation of Li, the sources said.