Caixin OnlineFinance & EconomicsTop Stories Finance Head of Postal Savings Bank Arrested over Criminal Charges
01.09.2013 16:26

Head of Postal Savings Bank Arrested over Criminal Charges

The fall of Tao Liming means the bank's planned initial public offering has to be put on hold for at least three years
By staff reporter Zhang Yuzhe

(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.

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