Shares of China Merchants Bank suffered their largest fall in seven years in Shanghai on Monday after local financial news-site Hexun.com said a senior bank executive was helping authorities with an investigation, the South China Morning Post reported.
Hexun.com cited industry insiders but didn’t name the executive or provide details on the investigation, the story said. Shares of the Shenzhen-based bank closed down 7.35%, wiping $11 billion off the market capitalisation of the country’s third-largest lender, the SCMP reported.
Read the full report: South China Morning Post.
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