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    China Minsheng Bank

    Beijing Investigates Former President of Its Largest Private Bank

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    An investigation has been opened against the former president of China's largest private bank.

    MOSCOW, January 31 (Sputnik) — The Chinese Communist Party's Central Commission for Discipline Inspection has launched an inquiry against Mao Xiaofeng, the former president of China Minsheng Banking Corporation, Russia's Kommersant.ru news website reported on Saturday.

    According to Chinese media outlets, the investigation may be connected with a separate probe, associated with the investigation against Ling Jihua, a former deputy chairman of China's political advisory body and former Chinese President Hu Jintao's most senior aide.

    Ling was dismissed late last year, when he was investigated for corruption; he is now accused of a spate of "disciplinary violations".

    China Minsheng Banking Corporation, which was founded in 1996, is known as the country's first bank, and is owned mostly by non-government enterprises.

    It is among China's ten largest financial institutions, whose shares are listed in stock exchanges.

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