(Yicai) Feb. 26 -- The former chairman of China’s Zhongyuan Bank, a mid-sized city commercial lender, has been placed under investigation by the local discipline inspection and supervision department.

Xu Nuojin, who is a member of the Financial and Economic Committee of the Henan Provincial People’s Congress, is suspected of serious violations of discipline and the law. He was detained for investigation in January this year, Yicai found.

Xu was born in May 1964 and was secretary of the Communist Party of China committee and president at the Zhengzhou central branch of the People’s Bank of China. He was also director of the Henan branch of the State Administration of Foreign Exchange, and in 2021 was appointed chairman of Zhongyuan Bank.

Zhongyuan Bank announced Xu’s resignation as chairman and executive director in April 2023, less than one and a half years after he took office.

Editor: Tom Litting