Deputy chief of China's Hua Xia Bank under investigation

Deputy chief of China's Hua Xia Bank under investigation
Locals walk past a Huaxia Bank in Shanghai, December 12, 2012. P

BEIJING - The deputy chief of China's Hua Xia Bank is under investigation for disciplinary infractions, the bank said late on Monday, in the latest sign that China's anti-corruption drive has turned to the finance sector.

The Beijing branch of the ruling Communist Party's anti-corruption body has opened a case against Wang Yaoting, the mid-sized bank said in a filing.

The statement said the company is operating normally.

Chinese President Xi Jinping has warned that the problem of official graft is serious enough to threaten the Communist Party's legitimacy and has vowed to go after powerful "tigers"as well as lowly "flies".

Graft-busters have investigated business leaders and politicians alike, including powerful former domestic security chief Zhou Yongkang, and Ling Jihua, once a top aide to Xi's predecessor Hu Jintao, although critics question whether the probes are part of Xi's consolidation of power.

The campaign has spread to the finance sector, where in February, the Bank of Beijing Co Ltd said its board director, Lu Haijun, was under investigation for serious disciplinary violations.

In January, the head of China's Minsheng Bank resigned after after several Chinese media outlets reported he was being investigated by the Party's anti-corruption watchdog.

Also in recent days, party authorities in China's finance capital of Shanghai put limits on the business activities of city-level officials, their immediate families and their children's spouses. On Monday, authorities said spouses of officials must not engage in business or start companies, while children of officials and their spouses are not permitted to do so in Shanghai.

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