The former Deputy General Manager of the Inclusive Finance Division at Bank of Communications Shanghai Branch, Cao Pei, has been investigated. Two officials have fallen from grace within a month.

Source: Consumer Daily Finance

On March 24, according to the Discipline Inspection Commission of the Shanghai Branch of the Bank of Communications and the Jing’an District Discipline Inspection and Supervision Commission, Cao Pei, former Deputy General Manager of the Inclusive Finance Division of the Shanghai Branch of the Bank of Communications, is suspected of serious violations of discipline and law. He is currently under disciplinary review by the Shanghai Branch Discipline Inspection Commission and under supervisory investigation by the Jing’an District Supervision Commission.

It is noteworthy that prior to this investigation, Cao Pei had previously been penalized by regulatory authorities for business violations.

On January 27, the Shanghai Branch of the Bank of Communications was fined a total of 6,118,695.1 yuan by the Shanghai Regulatory Bureau of the China Financial Supervision and Administration Bureau for violations including issuing credit loans to related parties, providing partial interest exemptions on certain loan types, improper management of personal business loans, project financing violations, liquidity loan management violations, fixed asset loan management violations, and inaccurate five-tier classification of loans.

At the same time, responsible persons Fu Yu, Jiang Wei, Zhang Jianzhong, Ding Yi, Zhu Mu, Liu Yan, Cao Pei, and Wang Jian were warned or fined respectively. Cao Pei, who was then Deputy Branch Manager of the Shanghai New Area Sub-branch of the Bank of Communications, was not only warned but also fined 50,000 yuan.

Cao Pei is the second cadre from the Shanghai Branch of the Bank of Communications to be publicly investigated this year. On February 28, Liang Bin, former Deputy General Manager of the Shanghai Branch Business Department, was also reported for suspected serious violations of discipline and law, and is under disciplinary review and supervisory investigation by the Shanghai Branch Discipline Inspection Commission and the Huangpu District Supervision Commission. The two investigations occurred less than a month apart.

According to information, the Bank of Communications was founded in 1908, making it one of China’s oldest banks. After reorganization in 1987, it became China’s first nationwide state-owned joint-stock commercial bank, headquartered in Shanghai. The bank listed on the Hong Kong Stock Exchange in 2005 and on the Shanghai Stock Exchange in 2007. In 2023, it was included among the global systemically important banks. Based on Tier 1 capital, it ranks as the 9th largest bank globally.

Source: Shanghai Municipal Discipline Inspection and Supervision Commission website, China Financial Regulatory Administration

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Editor: Qin Yi