Exclusive: China Merchants Bank Punishes Two Private Banking Executives, Sources Say

China Merchants Bank Co. Ltd. (CMB) (600036.SH) (招商银行股份有限公司) has removed one private banking executive from his position and essentially demoted another, sources told Caixin, as the bank aims to rein in risk.

Wang Nan, one of the earliest employees of CMB’s private banking business, was expelled from the Communist Party and dismissed from his position on Dec. 14 for violating party discipline and bank rules, sources with knowledge of the matter told Caixin, citing an internal announcement the lender made that month.