China’s anti-corruption campaign is spreading to the financial sector following the arrest of two senior bank officials in recent days.
Financial elites had been largely immune from the sweeping initiative that has claimed hundreds of scalps within the government, military and state-owned energy companies. But the recent arrests of bankers appear to be targeting patronage networks linked to specific political figures, rather than signalling a broader crackdown on the financial sector. Bank of Beijing said on Monday night that board member Lu Haijun was under investigation for “suspected serious violations of discipline” — the standard euphemism in China for official corruption.
The probe into Mr Lu follows the arrest of Minsheng Bank president Mao Xiaofeng in an investigation linked to an aide to Hu Jintao, the former president of China.