China Merchants Bank Slumps on Surprise Removal of President.

CHINA Merchants Bank Co. Ltd.; CHIEF financial officers; MERCHANTS; RETAIL banking; STOCK prices; STATE banks; MARKET value

China Merchants Bank Co. experienced a significant decline in its stock value after the unexpected removal of its President, Tian Huiyu. The bank stated that Tian was removed from his position and will be reassigned immediately, with Wang Liang, the chief financial officer and board secretary, taking over temporarily. The stock dropped 3% in Shanghai and 11% in Hong Kong, resulting in a loss of $19 billion in market value over two days. The move comes as China intensifies its efforts to combat corruption in the finance sector. Tian had been leading Merchants Bank since 2013 and played a crucial role in its success, particularly in retail banking. Despite the recent decline, the bank still maintains a higher valuation than its peers. [Extracted from the article]

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