Head of China's postal savings bank said arrested

Jan 09, 2013, 7:01 PM EST
This picture taken on March 20, 2007 shows Tao Liming, head of the Postal Savings Bank of China, in Beijing.

The president of China's postal savings bank was reportedly arrested in late December on criminal corruption charges. Tao Liming was first questioned in June by the Communist Party's anti-corruption group over allegations that he helped his younger brother solicit bribes worth more than 10 million yuan from a highway construction company in Hunan Province in 2009 and 2010. The chief of the bank's financial institutions department, Chen Hongping, was detained at the same time. Tao's arrest would put off any possibility of a proposed initial public offering of the savings banks' shares for at least three years as China's security regulator requires IPO candidates to have no important personnel changes in the 36 months leading up to a listing. The postal savings bank is China's seventh largest bank with assets of $640 billion.