Former President of Exim Bank’s Shanghai Branch Falls Under Graft Probe

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What’s new: A former Shanghai branch president of the Export-Import Bank of China (Exim Bank) has been placed under investigation for suspected “severe violations of (Communist Party) discipline and law,” the country’s top anti-graft watchdog announced Tuesday. The allegation refers to corruption.

Wang Xuguo, in his mid-50s, joined the Exim Bank in 2003, public information shows. He climbed the corporate ladder to become head of the Shanghai branch around 2020.

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Wang Xuguo, former Shanghai branch president of Exim Bank, is under investigation for alleged corruption.
He joined Exim Bank in 2003, becoming head of the Shanghai branch around 2020.
Exim Bank has faced multiple corruption scandals, including former Tianjin branch president Wang Fade and Beijing branch president Li Li.

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Who’s Who

Export-Import Bank of China: The Export-Import Bank of China (Exim Bank) is one of China's three policy lenders that finance large, socially and economically crucial projects. It has recently faced several corruption scandals, including investigations into former branch presidents Wang Xuguo and Wang Fade, and a guilty plea from Beijing branch's Li Li for taking bribes. The Exim Bank is the smallest of the trio, which also includes China Development Bank and the Agricultural Development Bank of China.

China Construction Bank Corp.: China Construction Bank Corp. (CCB) is one of China's "Big Four" state-owned commercial lenders. Before joining the Export-Import Bank of China in 2003, Wang Xuguo worked for CCB. The bank plays a crucial role in China's banking sector.

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What Happened When

2003：: Wang Xuguo joined the Export-Import Bank of China.

Around 2020：: Wang Xuguo became head of the Shanghai branch of the Export-Import Bank of China.

Early 2023：: Li Li, former president of the Beijing branch, pleaded guilty to taking almost 100 million yuan ($14.5 million) in bribes.

July 2024：: The Central Commission for Discipline Inspection announced a probe into Wang Fade, former president of the bank’s Tianjin branch.

July 30, 2024：: The Central Commission for Discipline Inspection announced an investigation into Wang Xuguo, former president of the Shanghai branch of the Export-Import Bank of China.

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