The chairmen of two financial giants – Bank of China and PICC – have lost their senior roles within the Chinese Communist Party.
Bank of China chairman Liu Liange has been removed from his political role as party chief, according to a statement. Separately, Luo Xi chairman of the People’s Insurance Co Group of China (PICC), the country's largest property insurer, will no longer serve as party secretary, according to a statement on social media.
Both chairs are below the retirement age of 65 for ministerial-level officials in China and no reasons were provided for their lost party roles.
«Golden Quotes»
With regards to Luo, local media reports claim that he has been requiring PICC employees to memorize his «golden quotes» before taking tests on them. According to a commentary from state-affiliated media outlet Economic View, such moves could easily fuel a personality cult.
Exits from two top financial executives from party roles further add to worries about a renewed crackdown in the industry, sparked by the disappearance of China Renaissance chair Bao Fan.
