FINANCE

Another Key Executive at Bank of Beijing Falls From Grace, Sources Say

Published: Sep. 3, 2024 7:51 p.m. GMT+8

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Yan Xiaoyan, former president of Bank of Beijing. Photo: file photo

Yan Xiaoyan, a former president of Bank of Beijing Co. Ltd. (601169.SH) who played a key role in its growth into a leading city commercial bank, has been taken away by authorities, multiple sources with knowledge of the matter told Caixin.

An investigation into Yan, who is in her early 70s, would mark the downfall of another key executive of the lender.

Xu Ningyue, who served as a vice president from 2005 to 2016, and Yan Bingzhu, who was president before Yan Xiaoyan took over in 2002, were taken away by authorities in 2022 and 2023, respectively, Caixin previously reported. A probe into Yan Bingzhu’s alleged corruption was announced this year.

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Yan Xiaoyan, ex-president of Bank of Beijing, is under investigation, marking the latest in a series of probes into the bank's former executives.
Yan Xiaoyan and preceding president Yan Bingzhu helped Bank of Beijing become a leading city commercial bank; it went public in 2007 and expanded internationally.
As of June 2023, Bank of Beijing reported nearly 4 trillion yuan ($561.3 billion) in total assets.

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Who’s Who

Bank of Beijing Co. Ltd.: Bank of Beijing Co. Ltd. (601169.SH) is a leading city commercial bank in China, founded in 1996. It went public on the Shanghai Stock Exchange in 2007. It has strategic partnerships with ING Bank NV and Scotiabank and nearly 4 trillion yuan ($561.3 billion) in total assets as of June 2023. Key executives include former presidents Yan Bingzhu and Yan Xiaoyan.

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is one of China's “Big Four” state-owned commercial banks. Yan Xiaoyan, who later became president of Bank of Beijing, worked for ICBC before her tenure at Bank of Beijing. ICBC is one of the largest and most influential banks in China, playing a significant role in the country's banking sector.

ING-BOB Life Insurance Co. Ltd.: ING-BOB Life Insurance Co. Ltd. is a joint venture formed between Bank of Beijing and Dutch lender ING Bank NV. Established as part of Bank of Beijing's international expansion, the initiative aimed to integrate financial services between the two firms. The joint venture was set up following Bank of Beijing's strategic partnership with ING, which included the Dutch bank taking a minority stake in the Chinese lender in 2005.

Bank of Beijing Scotiabank Asset Management Co. Ltd.: Bank of Beijing Scotiabank Asset Management Co. Ltd. is a mutual fund management joint venture formed by Bank of Beijing in 2013, in collaboration with Canada's Scotiabank and another firm.

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What Happened When

1996：: Yan Xiaoyan was appointed as a vice president of the predecessor of Bank of Beijing when it was founded.

2002：: Yan Xiaoyan became president of Bank of Beijing, succeeding Yan Bingzhu, who became chairman.

2005：: Xu Ningyue started serving as vice president of Bank of Beijing.

2007：: Bank of Beijing went public on the Shanghai Stock Exchange.

2010：: Bank of Beijing established an office in Amsterdam and bought a stake in ING-BOB Life Insurance Co. Ltd.

2013：: Yan Xiaoyan resigned as president of Bank of Beijing and the bank set up mutual fund management joint venture Bank of Beijing Scotiabank Asset Management Co. Ltd.