China Minsheng Bank (600016.SHA) announced on Saturday that its president, Mao Xiaofeng, had submitted his resignation following a previous statement from the company that referred indirectly to a report from local news magazine Caixin which said Mao had been questioned by anticorruption officials, The Wall Street Journal reported, citing a statement posted to the banks website. “The company’s board of directors has noticed several media reports about Mr. Mao Xiaofeng. According to our understanding, Mr. Mao Xiaofeng submitted his resignation for personal reasons. The company is operating normally,” the latest statement read.
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