Finance Movers and Shakers: Citi Gets New China Head, Former ICBC Banker Hauled In for Suspected Graft

Finance Movers and Shakers is a newsletter that provides updates on significant personnel appointments and corruption scandals within China’s finance sector. The latest issue highlights several important leadership changes and exposes ongoing anti-corruption efforts affecting top financial executives in China [para. 1].

Citigroup Inc. has recently appointed Wenjie Zhang as its new China country officer, China banking head, and president and executive director of Citibank (China) Co. Ltd. This appointment becomes effective in July, contingent on regulatory approval. Zhang brings with him three decades of experience in corporate and institutional banking. He previously worked at Citi and most recently served as president of Bank of America China. Citi noted that Zhang’s extensive background will help the bank to better address clients’ cross-border banking requirements [para. 2][para. 3].

At Ping An Life Insurance Co. of China Ltd., Shi Weiyu, who has spent 26 years with the company, was appointed general manager, succeeding Yang Zheng. Shi’s appointment received approval from the National Financial Regulatory Administration last month. With a career that began at Ping An in 1999, Shi has held various roles, including deputy general manager, and is currently aged 48 [para. 4][para. 5].

The newsletter also details several high-profile corruption cases. Shen Rongqin, former president of Industrial and Commercial Bank of China’s (ICBC) Zhejiang branch, is under investigation for corruption as announced by China’s top anti-graft agency last month. The past year has seen similar probes into Guo Xingang, Gao Qiang, and Feng Jianlong, who were branch presidents of the other major “Big Four” state-owned banks (Bank of China, China Construction Bank, Agricultural Bank of China) in Zhejiang. These bankers’ tenures corresponded with that of Zhu Congjiu, a former vice governor of Zhejiang, who was sentenced to life in prison last year for accepting over 105 million yuan ($14.8 million) in bribes between 2002 and 2022 [para. 6][para. 7][para. 8].

Yan Guijun, former chairman of Everbright Xinglong Trust Co. Ltd., pleaded guilty to accepting over 200 million yuan in bribes between 2002 and 2021. Yan used his influence in various Everbright Group subsidiaries to help individuals and businesses with loan approvals, business development, hiring, and promotions in exchange for bribes [para. 9][para. 10].

Zhao Xiaofan, formerly general manager of Citic-Prudential Life Insurance, has been expelled from the Communist Party on corruption allegations. The Central Commission for Discipline Inspection (CCDI) accused Zhao of improperly leveraging his authority to benefit others via loan approvals, job placements, and business deals, and receiving large bribes as a result. Zhao had a long tenure at Citic Group and its subsidiaries before becoming general manager of the Citic-Prudential joint venture in 2014 [para. 11][para. 12][para. 13].

Xia Jianting, former chairman of the China Securities Investor Services Center (CSISC), was also expelled from the party and public office by the CCDI due to alleged corruption. Accusations include disclosing inspection details, unlawfully buying shares before company listings, manipulating the IPO process, and earning substantial illegal profits post-listings. Xia spent over 25 years at the China Securities Regulatory Commission (CSRC) and linked institutions, became CSISC chairman in 2023, and was soon investigated after [para. 14][para. 15][para. 16].

This newsletter edition illustrates the dynamic changes in China’s financial leadership and the intensified crackdown on corruption within the industry [para. 1][para. 6][para. 9][para. 11][para. 14].