By Chuin-Wei Yap
BEIJING--China Minsheng Banking Corp. said Wednesday one of its executives is under a police investigation on suspicion of "illegal conduct."
Minsheng has set up a team to work with police in their investigation of Zhang Ying, president of the Hangtianqiao sub-branch of the bank's Beijing outpost, Minsheng Chairman Hong Qi said in a statement.
The bank referred to local media reports that cited alleged theft of billions of yuan used to improperly extend loans, but declined to confirm "the amount involved and the specific facts of the case," pending the ongoing probe.
Minsheng, which is non-state-owned, said it was continuing business operations as usual.
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