HONG KONG, April 19 (Reuters) - China Minsheng Banking Corp
said it has notified police that the head of one of
its branches is suspected of illegal conduct - a statement which
follows local media reports of missing money from wealth
Police are investigating Zhang Ying, president of the
Hangtianqiao branch in Beijing, Minsheng said in a stock
exchange filing late on Tuesday.
Business magazine Yicai, citing unidentified sources, said
on Tuesday that Zhang was being investigated in connection with
3 billion yuan ($435 million) missing from Minsheng's wealth
Aggressive expansion by mid-sized Chinese banks,
particularly into wealth management, and whether sufficient
compliance standards are being used has been an area of concern
Minsheng said it has set up a working group to assist
police, adding that "the amount involved as reported by media"
was still being investigated. It did not give Zhang's
A spokesman for the lender declined to comment or provide
contact details for Zhang.
($1 = 6.8811 Chinese yuan)
(Reporting by Elzio Barreto in Hong Kong and Matthew Miller in
Beijing; Writing by Engen Tham in Shanghai; Editing by Edwina