FINANCE

Former ICBC Banker Gets Suspended Death Sentence for Graft

Published: Feb. 20, 2025 8:32 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Zhang Hongli, a former ICBC senior executive vice president. Photo: Hangzhou Intermediate People’s Court

Veteran Chinese banker Zhang Hongli, who worked for Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest bank by assets, and Deutsche Bank AG, has been sentenced to death with a two-year reprieve for accepting more than 177 million yuan ($24.4 million) in bribes, a Chinese court announced Wednesday.

Zhang, 60, took the bribes from 2011 to 2022, according to a statement from the Hangzhou Intermediate People’s Court. He abused his power to seek benefits for individuals and companies in matters including securing loans and arranging jobs, the statement said.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Zhang Hongli, a former senior executive at ICBC, was sentenced to death with a two-year reprieve for accepting over 177 million yuan in bribes from 2011 to 2022.
His punishment was mitigated due to his cooperation with authorities, confession, and return of most illegal gains.
Zhang's case is part of a broader crackdown on corruption in China's financial sector, with ties to other high-profile bankers under investigation.

AI generated, for reference only

Who’s Who

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is the world's largest bank by assets. Zhang Hongli, a veteran Chinese banker, previously worked for ICBC and was involved in a corruption scandal. The bank is part of a larger crackdown on wrongdoing in China's financial sector.

Deutsche Bank AG: Deutsche Bank AG is one of Europe's largest investment banks, where Zhang Hongli held the position of chairman of its China operations before joining ICBC. Zhang worked a decade at Deutsche Bank before transitioning to ICBC in 2010.

China Renaissance Holdings Ltd.: China Renaissance Holdings Ltd. is a Hong Kong-listed boutique investment bank founded by veteran financier Bao Fan. The company became involved in a larger corruption investigation when Cong Lin, a former ICBC executive and former chairman of ICBC International Holdings Ltd., joined China Renaissance after leaving the bank. Currently, Bao Fan is being held as part of this corruption probe.

Hopu Investment Management Co. Ltd.: Hopu Investment Management Co. Ltd. is a private equity firm where Zhang Hongli served as co-chairman after leaving ICBC in 2018. The firm is based in China and is known for its investments in various industries, including finance and technology. Zhang's move to Hopu marked the continuation of his career in the financial sector after holding significant positions in major banks like ICBC and Deutsche Bank.

Hewlett Packard: Hewlett Packard (HP) is a U.S. IT company where Zhang Hongli worked earlier in his career. Known for producing computers, printers, and related technologies, HP is a significant player in the technology sector. Zhang's experience there contributed to his diverse financial and managerial background before his roles in major banks like ICBC and Deutsche Bank.

Schroders International Merchant Bank: The article mentions Zhang Hongli's earlier career, which includes a position at Schroders International Merchant Bank. However, it does not provide any detailed information about Schroders International Merchant Bank itself.

Goldman Sachs Group Inc.: Goldman Sachs Group Inc. is a leading global investment banking, securities, and investment management firm, offering services in investment banking, securities, and wealth management. Zhang Hongli, who was sentenced in a Chinese corruption case, worked for the company earlier in his career.

AI generated, for reference only

What Happened When