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China Minsheng Bank: president's matters unrelated to operation

Xinhua, January 31, 2015 Adjust font size:

China Minsheng Bank responded Saturday to reports that its president Mao Xiaofeng had been taken away by discipline watchdog, saying the matter is of a personal nature and unrelated to the bank's operation.

"China Minsheng Bank has noticed reports concerning president Mao Xiaofeng. As far as the bank knows, the matter is of a personal nature and is unrelated to bank operations," a bank spokesperson said.

The response came hours after rumors circulating on social media that Mao had been taken away by disciplinary inspection department to "assist with investigations." The rumors did not specify when he was taken away.

"The bank's other directors, supervisors and senior executives are all on their posts, working in normal conditions. And the operations of our bank are all normal," the spokesperson said.

"Concerning the specifics about Mao, please take bank's announcement as the standard," the spokesperson added.

The share price of the bank that is listed on the Shanghai Stock Exchange closed 1.66 percent down to 9.47 yuan (1.52 U.S. dollars) Friday. Endi