Head of China's 4th largest state-owned bank resigns, citing personal reasons

BEIJING, China – The head of China’s fourth-largest state bank has resigned citing personal reasons.

No other details have been given about the departure of Agricultural Bank of China president Zhang Yun. The resignation of the 56-year-old executive comes amid an ongoing campaign against corruption in the Chinese government, the military and state industries.

A massive stock market sell-off over the summer has also lately focused investigators’ gaze on the financial sector.

A notice Friday on the Hong Kong stock exchange’s website says Zhang’s resignation took immediate effect. It says there are no issues related to his departure that should be of concern to bank shareholders or creditors.

With the economy slowing, profits among China’s top four state-run banks slumped in the first three quarters, with Agricultural Bank’s rising by just 0.57 per cent.