Bank of China (BOC) Vice Chairman and Governor Liu Jin resigned without notice on Sunday, just five months after being reappointed to the role.
The bank issued a cryptic statement saying Liu had resigned for “personal reasons” and declined to comment further.
Liu teeth Quite young Born in 1967, he was China’s oldest top executive, with a few years left before the mandatory retirement age for men of 60.
Liu Appointed He became president of Bank of China in February 2021 after several years as president of other major state-run banks. At the time, he was also named vice chairman of the Communist Party of China for the bank. His resume includes serving as head of investment at Industrial and Commercial Bank of China, a state-run institution that is the world’s largest single financial institution.
When Liu took office, BOC was suffering from a “shortage of management talent.” Made There is some risk Oil investment, And they didn’t make any profit. Some investors say their money was wiped out entirely in the disaster that followed. China’s secretive Communist government has been reluctant to disclose the total losses, but some industry analysts have calculated that investors lost more than $1 billion.
The collapse in oil prices has led to a serious crisis of confidence in China’s banks, which can only be resolved by ousting their top executives and replacing them with newcomers like Liu.
Liu appeared to be doing well, as he was reappointed without much fuss in 2024. The first signs of trouble came in March 2023, when Bank of China Chairman Liu Liange came under investigation.
Liu Liang Song Resigned He was arrested in March and pleaded guilty a month later to accepting more than $17 million in bribes and making about $500 million in illegal loans. His downfall sparked a surge in corruption investigations into dozens of Chinese financial institution officials, including other BOC executives, Treasury Department officials and China’s securities regulators.
Liu is surprised Missed He is scheduled to attend two of BOC’s 13 board meetings in 2023 but was absent from the Aug. 19 meeting. One of the main topics at the August meeting was changing auditors, as BOC’s previous audit firm, PwC China, is under investigation for fraud allegations related to the collapse of China Evergrande, a giant property development group.
In Liu’s absence, Bank of China Chairman and Communist Party Secretary Ge Haijiao chaired the board meeting. The bank said on Sunday that Ge would serve as acting president until a replacement for Liu could be found.
