Xu, who led a branch from 1993 to 2001, exploited the bank’s internal controls to secure fraudulent loans with two colleagues. The accomplices received sentences of 12 and 13 years respectively, and over 2 billion yuan has been recovered. Xu was extradited from the US and has opted not to appeal his sentence, losing his political rights and having his assets seized.

The government also continues to target other senior banking figures for corrupt behavior. Recently, the ex-chairman of the Bank of China, Liu Liange, was arrested, and Wang Bin, once at the helm of China Life Insurance, was sentenced to life for bribery. The crackdown on corruption, especially extravagant banker lifestyles, shows no signs of slowing down, with authorities emphasizing its ongoing nature in April.