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Bank of China Vice-Chairman and President Liu Jin resigned without warning on Sunday, only five months after he was reappointed to the position.
for a top Chinese executive, having been born in 1967. He still had a few years to go before reaching the male retirement age of 60.to the BOC presidency in February 2021 after spending several years as the president of other major state banking institutions. He was also named deputy chief of the Chinese Communist Party for the bank at that time.
The crude oil crash-and-burn led to a severe crisis of confidence in BOC, which could only be addressed by drumming top executives out of their offices and replacing them with fresh blood, like Liu. Liu seemed to be doing well, as he was reappointed to his office in 2024 without much fanfare. The first sign of trouble came in March 2023, when BOC Chairman Liu Liange came under investigation.in March and, a month later, pled guilty to accepting more than $17 million in bribes, while he illegally issued almost $500 million in loans.
The board meeting was chaired in Liu’s absence by BOC Chairman and Chinese Communist Party Secretary Ge Haijiao. The bank said on Sunday that Ge will serve as acting president until a permanent replacement for Liu is found.
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