Chinese state-controlled bank chief allegedly killed by former subordinate

​​​​​​​By Necva Tastan Sevinc

ISTANBUL (AA) - The chairman of state-controlled Bank of Handan in northern China died in a stabbing attack, reportedly by a former subordinate, according to media reports.

Zheng Zhiying, 61, was fatally stabbed in his office early Thursday, Beijing-based South China Morning Post reported.

The attack, allegedly perpetrated by a former subordinate, raised concerns amid China's intensified regulatory scrutiny of its financial sector.

Police identified Zheng as the victim but have released limited information about the suspect, a 54-year-old man surnamed Song, who is currently in custody for further questioning.

Reports suggest that Song was dismissed from his position as a branch head, although the reasons for his termination remain unclear.

Police, along with bank branches and local authorities, have not responded to requests for additional comment.

The stabbing occurred at a turbulent time for China's financial institutions, which are grappling with new regulations and a heightened anti-corruption campaign spearheaded by Beijing.

Banks, under pressure to align with Beijing’s economic directives, have been slashing staff and cutting bonuses, contributing to a climate of uncertainty.

Zheng, who began his tenure as Bank of Handan’s president in 2005 before becoming chairman in 2014, had faced criticism online for exceeding the maximum seven-year term set by a 2019 regulatory directive.

The attack comes as Beijing pushes for mergers and acquisitions among smaller banks, with more than 80 banks undergoing restructuring in the first half of the year, according to local news outlet, Dahe.