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Report: Chinese anti-corruption agency investigates Ping An Bank's Shanghai head

Ping An Bank Co. Ltd.'s Shanghai head has been detained by anti-graft authorities as China continues to crack down on corruption in the financial sector, the South China Morning Post reported Oct. 17, citing a source familiar with the matter.

The Central Commission for Discipline Inspection is investigating Leng Peidong, who is also assistant to the president of Ping An Bank, "for personal reasons," a bank spokesman said.

According to the source, Leng was asked earlier the same week to assist with investigations.

The case was first reported by the Shanghai Securities Times, which also said Leng's predecessor, Yang Hua, was being investigated as well.

The source added in the South China Morning Post report that the focus of the inquiries may not be the bank itself, and that personnel from other banks are involved as well.

The Chinese government has been clamping down hard on corruption in the financial industry, the report added, noting that Pan Zhongyun, CEO of Jilin Investment Group, was also taken in for questioning Oct. 14.