Head of one of China's top banks quit amid corruption charges

China's anti-corruption campaign continued to net top officials as the head of the Agricultural Bank of China (ABC), the country's fourth largest bank has quit amid reports that he faced an anti-graft probe.
Zhang Yun, 56, head of the ABC has resigned, a media report here said.
His resignation came in the backdrop of thousands of officials punished in China for bribery and corruption since 2013 under the massive anti-graft campaign launched by President Xi Jinping.
Financial weekly Caixin reported that Zhang had been demoted and placed under two years' probation in October after being investigated by the ruling Communist Party's anti- corruption body over a series of cases.

Reports also said a subordinate in the bank's Shenzhen branch had been placed under investigation for corruption earlier in the year.
A notification on the Hong Kong stock exchange's website said yesterday that Zhang's resignation was applicable with immediate effect.
ABC profits slumped to 0.57 per cent in the first three quarters like all other state owned banks due to slowdown of the economy which dropped below seven per cent to 6.9 per cent in the third quarter this year for the first time since 2009.