Earthquake Rocks Bank of China’s Overseas Branches as Multiple Top Executives Go Missing (AI Translation)
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文｜财新 武晓蒙 朱亮韬 丁锋
By Wu Xiaomeng, Zhu Liangtao, and Ding Feng for Caixin
【金融我闻/武晓蒙、朱亮韬、丁锋】近期，中资商业银行境外分支机构颇不平静，继工银澳门原董事长姜壹盛被查后，中国银行多位海外负责人东窗事发。
[Financial News by Wu Xiaomeng, Zhu Liangtao, Ding Feng] Recently, the overseas branches of Chinese commercial banks have faced turbulence. Following the investigation of Jiang Yisheng, former chairman of ICBC Macau, several senior overseas executives at Bank of China have also come under scrutiny.
据2025年7月11日官方通报，姜壹盛涉嫌严重违纪违法，目前正接受中央纪委国家监委驻工行纪检监察组纪律审查、广东省珠海市监察委员会监察调查。姜壹盛曾在境内外多个机构任职，历任工行珠海分行行长、广东省分行副行长以及境外子公司工银亚洲总裁、工银澳门董事长，在粤港澳金融圈颇具知名度和影响力。他曾因澳门地产商被处分，而此次案发导火索或与一位横跨贸易、金融、地产的香港商人有关，不止一家大行人员卷入，其中或包括此前已被禁业的原中行中层干部(参见财新我闻2025年7月12日《工银澳门姜壹盛案再追踪 牵出香港传奇富豪与另一中资大行》)。
According to an official announcement on July 11, 2025, Jiang Yisheng is under investigation for suspected serious disciplinary and legal violations. He is currently subject to disciplinary review by the disciplinary inspection team of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at Industrial and Commercial Bank of China (ICBC), as well as a supervisory investigation by the Zhuhai Municipal Supervisory Commission in Guangdong Province. Jiang Yisheng has held various positions at institutions both in China and overseas, serving as president of ICBC's Zhuhai branch, deputy president of the Guangdong provincial branch, president of the overseas subsidiary ICBC Asia, and chairman of ICBC Macau. He is a well-known and influential figure in the financial circles of Guangdong, Hong Kong, and Macau. Previously, Jiang was disciplined due to ties with real estate developers in Macau. The trigger for this latest investigation may be linked to a Hong Kong businessman active in trade, finance, and real estate. Multiple large bank employees are implicated, possibly including a former mid-level executive from Bank of China, who had previously been banned from the industry (see Caixin Wowein, July 12, 2025, "Further Developments in the ICBC Macau Jiang Yisheng Case Reveal Links to a Legendary Hong Kong Tycoon and Another State-Owned Lender").
近日，财新从多渠道独家获悉并印证，中行多家境外分支机构现任“一把手”因协助调查而处于与外界失联状态，可能的线索有所浮现。
Recently, Caixin has exclusively learned and confirmed from multiple sources that several current heads of Bank of China’s overseas branches have lost contact with the outside world due to their cooperation with an investigation, and possible clues have begun to emerge.
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- Multiple senior executives at Chinese banks’ overseas branches, including BOC Macau’s chairman Jia Tianbing and BOC Peru’s Jiang Xu, have recently disappeared from public view amid investigations into alleged misconduct.
- Jia Tianbing, with a long banking career, was detained after over a year in Macau; his former deputies in Guizhou have also been investigated for serious breaches.
- The probes are part of broader crackdowns on trade finance operations, with other figures like Ding Jie and US Wells Fargo’s Mao Chenyue also implicated or restricted.
Summary:
Recently, there has been considerable upheaval involving overseas branches of major Chinese commercial banks, with numerous top executives coming under investigation for serious violations, shaking the reputation and stability of these institutions [para. 1]. After the ousting and investigation of Jiang Yisheng, former chairman of ICBC Macau, Chinese banks—particularly Bank of China (BOC) and its overseas branches—have seen several high-ranking officials lose contact with the public as they cooperate with regulatory investigations [para. 1][para. 2].
One major incident involves Jia Tianbing, the president of BOC’s Macau branch and chairman of Bank of China (Macau) Limited. Multiple sources confirmed Jia was taken away by authorities while returning from Macau to Beijing, and his family members were also detained [para. 1]. Public records show that Jia was active in official events as recently as July 17, 2025, but has been unreachable since July 27 [para. 1]. Born in 1967, Jia has steadily risen through the ranks of Bank of China, holding posts from local branch manager in Shanxi to deputy general manager of retail business at the bank’s headquarters, and later branching out to senior regional leadership in Chongqing, Guizhou, and Liaoning [para. 1]. Known for his scholarly interests in Chinese history and culture, Jia saw his assignment to Macau as a personal milestone, given its prominent status within the bank, including the power to issue local currency [para. 1]. Despite his leadership qualities, his term saw rumors regarding personal conduct; reports also note his close ties with local government and a preference for international assignments [para. 1].
Jia’s sudden detention is suspected to be tied either to recent scandals unearthed in other high-profile banking crimes, such as those involving ICBC Macau and Hong Kong tycoons, or to his past postings, particularly in provincial branches [para. 2]. The BOC Guizhou branch, which Jia led for over three years, has seen a spate of disciplinary actions against former colleagues: two former vice presidents, Xu Hongzhou (investigated and expelled from the party in May 2025 for corruption and illegal business conduct) and Zhang Wenming (placed under investigation in June 2025), both had substantial professional overlap with Jia [para. 2]. Additionally, the Liaoning branch where Jia served also previously saw its former head Dong Jian’yue investigated for serious misconduct [para. 2].
Beyond Macau, trouble has struck other BOC overseas branches. Jiang Xu, president of Bank of China (Peru), has reportedly lost contact with associates amid rumors of involvement in ongoing investigations [para. 3]. With a background in trade finance and international factoring, Jiang Xu previously held roles in Milan and at BOC headquarters. His career includes leadership roles in Italian business associations and the global factoring organization FCI [para. 3]. The current crackdown in trade finance circles has also ensnared several senior industry veterans, including Ding Jie, a former general manager of Bank of China Shenzhen’s trade finance division, who was permanently banned from banking in 2022 and now faces further scrutiny—her case allegedly linked to high-profile Hong Kong businessman Pan Sutong [para. 3]. Regulatory penalties against BOC Shenzhen in 2022 included a fine of RMB 11.3 million and life bans for four individuals due to risky or unauthorized trade finance practices [para. 3].
Another significant case is that of Mao Chenyue, an American citizen and head of international factoring at Wells Fargo, who was prevented from leaving China due to her involvement in a Chinese criminal investigation, according to the Ministry of Foreign Affairs [para. 3]. Her long career in global trade and political risk insurance, including leadership roles at AIG, Chubb, and Wells Fargo, has involved substantial cooperation with Chinese banks [para. 3].
These high-profile investigations underscore a turbulent environment in China’s trade finance and banking sectors, with a string of senior overseas executives under scrutiny for alleged business and financial improprieties, some possibly linked to cross-border financial dealings and trade finance, raising broader questions about governance and risk within China’s global financial footprint [para. 1][para. 2][para. 3].
- Industrial and Commercial Bank of China (Macau) Limited
- Industrial and Commercial Bank of China (Macau) Limited (ICBC Macau) is a key subsidiary of the Industrial and Commercial Bank of China. Its former chairman, Jiang Yisheng, is currently under disciplinary review and investigation for suspected severe violations of discipline and law. Jiang Yisheng previously held prominent positions within ICBC, including head of Zuhai branch and president of ICBC Asia.
- Bank of China
- Bank of China (BOC) is a prominent Chinese state-owned commercial bank. Recently, several of its overseas leaders, including Jia Tianbing, director of the Macau branch, and Jiang Xu, director of BOC Peru, have faced investigation. The bank's Macau branch is a note-issuing bank in the region.
- Bank of China (Macau) Limited
- Bank of China (Macau) Limited, or BOC Macau, is a significant financial institution in Macau. Its chairman, Jia Tianbing, was recently taken into custody for investigation. BOC Macau is also the note-issuing bank in the region, highlighting its crucial role in Macau's financial system.
- Guohou Asset Management Co., Ltd.
- Guohou Asset Management Co., Ltd. is a local AMC in Anhui, China. Xu Hongzhou became Vice President of Guohou Asset Management in August 2017 after leaving China Everbright Bank. In 2025, Xu Hongzhou was dismissed from his party membership and transferred to judicial authorities.
- Changchun Zhongtian Energy Co., Ltd.
- The article mentions Changchun Zhongtian Energy Co., Ltd. in the context of Xu Hongzhou's career. After leaving the Bank of China in 2017, Xu became Vice President of Guohou Asset Management Co., Ltd., and in March 2019, he was nominated as a director for Changchun Zhongtian Energy Co., Ltd.
- Ping An Real Estate
- Ping An Real Estate is mentioned as a former employer of Xu Hongzhou, a former vice president of Bank of China's Guizhou branch, who is currently under investigation for disciplinary violations. He served as both Vice President and Managing Director of Financial Products Center at Ping An Real Estate after leaving Bank of China.
- Guizhou Mingsheng Investment Group Co., Ltd.
- Guizhou Mingsheng Investment Group Co., Ltd. is a company that Zhang Wenming, the former vice president of the Bank of China Guizhou Branch, became the legal representative for after leaving the bank. Zhang Wenming is currently under disciplinary review and supervisory investigation.
- China Guangfa Bank
- The article does not contain information about China Guangfa Bank. It focuses on investigations within the Bank of China and Industrial and Commercial Bank of China.
- Bank of China (Peru) S.A.
- Bank of China (Peru) S.A. is a Chinese-funded institution with its current president being Jiang Xu. Recently, there have been rumors of his detention. Jiang Xu previously served as the Assistant General Manager of the Bank of China Financial Headquarters (International Settlement) and Deputy General Manager of the Bank of China Trade Finance Department. He has also worked in international branches, including Milan, Italy, and Lima, Peru.
- American International Group
- From 2000 to 2002,茅晨月 worked at American International Group (AIG) as a trade credit and political risk underwriter. AIG is a global insurance company.
- Chubb Corporation
- Chubb Corporation is a large property and casualty insurance company. A former employee, Mao Chenyue, worked there as a management liability underwriter from 2002.
- Bank of America
- The provided article mentions Wells Fargo, an American bank, directly in association with a current event. However, it does not mention or discuss Bank of America.
- Wells Fargo
- Wells Fargo is mentioned as the employer of Chenyue Mao, Head of Strategic Credit Solutions, who was recently detained in China. Mao has been with Wells Fargo since 2012, where she leads the bank's international factoring business and advises multinational clients.
- August 2022：
- Shenzhen branch of the CBIRC issues administrative penalty notices; Bank of China Shenzhen branch fined 11.3 million yuan, and Ding Jie and three others banned for life from the banking industry.
- August 5, 2024：
- Jia Tianbing takes office as head of Bank of China’s Macau branch.
- December 16, 2024：
- Xu Hongzhou, former Party Committee member and deputy president of the Bank of China’s Guizhou Branch, is placed under investigation for serious violations.
- February 27, 2025：
- Jia Tianbing attended an event organized by the Macau Special Administrative Region government alongside Pansy Ho and others.
- May 13, 2025：
- Xu Hongzhou is expelled from the Communist Party and transferred to judicial authorities.
- June 13, 2025：
- 75th anniversary of BOC Macau branch; Macau Post and Telecommunications Bureau issued special commemorative stamps.
- June 18, 2025：
- Zhang Wenming, former Party committee member and vice president of the Bank of China’s Guizhou provincial branch, comes under investigation.
- July 11, 2025：
- Official announcement states Jiang Yisheng, former chairman of ICBC Macau, is under investigation for suspected serious disciplinary and legal violations.
- July 12, 2025：
- Caixin Wowein article reports further developments in the Jiang Yisheng case, revealing links to a legendary Hong Kong tycoon and another state-owned lender.
- As of July 17, 2025：
- Jia Tianbing, President of Bank of China Macau, was still participating in public events.
- July 21, 2025：
- Chinese Foreign Ministry confirms that Mao Chenyue, head of trade finance at Wells Fargo, is barred from leaving China due to an ongoing criminal case and is required to cooperate with the investigation.
- Evening of July 27, 2025：
- Caixin starts attempting to contact Jia Tianbing; as of press time, his phone remains switched off and he has not responded to inquiries.
- July 28, 2025：
- Caixin has made multiple attempts to contact Jiang Xu, President of Bank of China (Peru); as of publication, Jiang has not responded.
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