Tian Huiyu, president of China Merchants Bank, is relinquishing their role after an almost nine-year tenure that brought the organization to the top of the country’s retail banking sector, reports Bloomberg. Tian, 56, was relieved from his current role and will be assigned to another unspecified post, effective immediately, the Shenzhen-based bank said in a statement Monday. Wang Liang, chief financial officer and board secretary of Merchants Bank, will assume Tian’s duty in the interim, according to the statement.
Shares of Merchants Bank slumped 7.4% in Shanghai on Monday, the most in nearly seven years, amid unverified social media reports that Tian was assisting a probe. The stock has lost 11% this year, making it the worst performer among publicly-traded banks on the mainland.
Tian didn’t join the board meeting held on Monday due to personal reasons, according to the statement.