Ping An Bank’s Shanghai chief under investigation by China’s corruption watchdog
- Leng Peidong, who is also assistant to the president of Ping An Bank, is being investigated ‘for personal reasons’, a bank spokesman said
The Shanghai chief of Ping An Bank, controlled by China’s largest insurer by market value Ping An Insurance, is being investigated by anti-corruption authorities, as Beijing continues to crack down on lapses in the financial sector.
Leng Peidong has been required to assist with investigations by the corruption watchdog Central Commission for Discipline Inspection earlier this week, a source familiar with the matter said.
Leng, also assistant to the president of Ping An Bank, is being investigated “for personal reasons”, and the bank will actively cooperate with the authorities in the case, a spokesman for the bank said.
The investigation, first reported by local newspaper Shanghai Securities Times, has prompted worries about deeper woes at the city’s local bank branches.
Yang Hua, predecessor of Leng, is also under investigation, according to the report. It is unclear what the investigation is about.
