Former Vice President of China Merchants Bank Falls Under Probe

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What’s new: Ding Wei, a former vice president of China Merchants Bank Co. Ltd. (CMB), has been placed under investigations for suspected severe violations of law and discipline, China’s anti-graft watchdog said Wednesday.

Ding, 67, joined the CMB in 1996 and served as head of the bank’s branches in Hangzhou and Nanchang. He was named vice president in 2007, a position he held until May 2017. Before CMB, Ding had spent more than a decade in the Industrial and Commerce Bank of China Ltd., the country’s largest state-owned lender by asset.

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Ding Wei, former vice president of China Merchants Bank, is under investigation for severe violations.
Ding held significant roles at CMB and previously worked at the Industrial and Commerce Bank of China.
CMB, a major state-owned lender, reported 11.5 trillion yuan in assets and faced a first-quarter revenue and profit decline.

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Who’s Who

China Merchants Bank Co. Ltd.: China Merchants Bank Co. Ltd. (CMB) is the largest of China’s 12 national joint-stock lenders and a key subsidiary of the state-owned China Merchants Group. As of March, CMB had 11.5 trillion yuan ($1.6 trillion) in assets. Its first quarter revenue fell 4.65% to 86.4 billion yuan, with net profit down 1.96% to 38 billion yuan. The bank has been under scrutiny amid a broader anti-corruption crackdown.

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What Happened When

1996：: Ding Wei joined China Merchants Bank Co. Ltd. and served as head of the bank’s branches in Hangzhou and Nanchang.

May 2008：: Ding Wei was named vice president of China Merchants Bank Co. Ltd.

May 2017：: Ding Wei stepped down from his position as vice president of China Merchants Bank Co. Ltd.

By the end of March 2024：: China Merchants Bank Co. Ltd. had 11.5 trillion yuan ($1.6 trillion) in assets, up 4.46% from the end of 2023.

Earlier this month, August 2024：: Chen Mingli, former general manager of Shenzhen Merchants Ping’an Asset Management Co. Ltd., became the subject of a probe by anti-graft investigators.

Wednesday, August 21, 2024：: China’s anti-graft watchdog announced that Ding Wei was placed under investigation for suspected severe violations of law and discipline.

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