(Bloomberg) — China Merchants Bank Co. slumped in Shanghai and Hong Kong markets Tuesday after the surprising departure of its President Tian Huiyu, who spent nearly nine years building the lender into the nation’s king of retail banking.
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Tian, 56, was removed from his current role and subject to further assignment with immediate effect, the Shenzhen-based bank said in a statement late Monday. Wang Liang, chief financial officer and board secretary of Merchants Bank, will be in charge in the interim, according to the statement.
Shares of Merchants Bank dropped 3% in Shanghai in Tuesday early trade, adding to Monday’s 7.4% slump on unverified social media reports that Tian was assisting a probe. The stock has lost 14% this year, making it the worst performer among publicly-traded banks on the mainland. It fell 11% in Hong Kong as of 9:32 a.m., the most since late 2011. About $19 billion of market value was wiped out in two days.
Tian didn’t join the board…
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2022-04-19 01:41:15
