(Beijing) – The president of Postal Savings Bank of China was arrested in late December on criminal charges, including illegal fund-raising, taking bribes and making loans illegally, a source close to investigators says.

The bank has not appointed a successor to Tao Liming, 59, who was taken into custody for questioning by the Communist Party's anti-graft watchdog in June. The chief of the bank's financial institutions department, Chen Hongping, was detained at the same time.