President of China's AgBank resigns, a month after being taken away to help with investigation

Agricultural Bank of China vice-chairman Zhang Yun at a news conference in Hong Kong in 2010.
Agricultural Bank of China vice-chairman Zhang Yun at a news conference in Hong Kong in 2010. PHOTO: REUTERS

BEIJING (Reuters) - The president of China's third-biggest lender by assets, Agricultural Bank of China Ltd (AgBank), has resigned for personal reasons, the Shanghai Stock Exchange said in a statement on Friday (Dec 4).

Mr Zhang Yun, who was both the president of the bank and the vice-chairman, was taken away to assist with an investigation, Bloomberg reported in November, citing people familiar with the matter.

AgBank's board approved the bank's current chairman Liu Shiyu to be the acting president, the exchange said, in a separate statement on Friday.

Corruption investigations instigated by China's President Xi Jinping have ensnared top politicans, state enterprise leaders and a cast of senior bankers, including AgBank's former vice-president, who was jailed for life for graft.