Report: China probes CITIC Bank AM head

Added 26th July 2016

CITIC Bank confirmed to mainland media that Ma Xutian, its head of asset management business and chief investment officer, is under investigation.

Report: China probes CITIC Bank AM head

The bank said that from its understanding, Ma is under investigation for things that are not related to his employment period at CITIC Bank, according to state-owned Securities Times.

Yicai first reported on July 20 that Ma has been out of contact and this is due to “past doings”, quoting multiple sources.

It is uncertain which state department is conducting an investigation.

Ma was the deputy general manager of the asset management unit of the Industrial and Commercial Bank of China, the world’s largest bank by assets, when the department was set up in July 2009.

He then moved to Bank of Communications in 2013 and became the general manager of the asset management team.

Ma joined CITIC Bank in March this year. He helped set up an asset management business center in Shanghai, which was opened in June.

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