BEIJING, March 16 (UPI) -- The abrupt departure of the head of one of China's largest banks is being seen as fallout from a corruption scandal, the BBC said Wednesday.
Zhang Enzhao quit this week unexpectedly as chairman of China Construction Bank, the country's top housing lender.
Although the bank did not explain his resignation beyond citing "personal reasons," Hong Kong media say he was forced out amid an investigation into corruption. And the South China Morning Post said the bank was investigating the disappearance of money from a branch in the northeastern Jilin province.
Chinese banks are seeking to clean up their image as they try to raise capital by listing their shares overseas, and such house-cleaning has led to a turnover of executives.
For example, Wang Xuebing, former president of China Construction Bank, was jailed for 12 years for corruption in 2003 for offences committed while he ran the Bank of China. And earlier this year a branch manager at China Construction Bank was jailed for life for embezzling $13.4 million.
