Bank of China deposes 20 local branch directors

During its joint-stock reform aiming at share-offering, the Bank of China (BOC), one of China's "big four" state-owned commercial banks, has deposed 20 local branch directors due to their breach of duty, a BOC spokesman was quoted by the Beijing Youth Daily as saying on Thursday.

These former directors of BOC branches were dismissed from post mainly because their misgovernment had caused considerable losses to the BOC, Spokesman Wang Zhaowen said.

The BOC, which is seeking to offer shares in 2005, posted its operating profits figure last year, which surged 21.3 percent year- on-year to 57.8 billion yuan (about 7 billion US dollars). The BOC 's 2004 net profits were level with 2003, amounting to 20.9 billion yuan (some 2.5 billion dollars).

Despite all kinds of joint-stock reforms, the BOC is still harassed by frequent occurrence of serious bank crimes. "The BOC has loopholes in its self-management and risk-control mechanisms," Wang said recently.

Source: Xinhua