A former top manager of the world's largest bank has been sentenced to death in China.

China sentences former banker to death for accepting bribes

Former Chinese banker Zhang Hongli has been sentenced to death with a two-year reprieve for accepting bribes. This comes as Chinese authorities continue to strictly control the financial sector, which has a value of $67 trillion.

Zhang is yet another banker sentenced to death with a reprieve over the past year. Many financial officials and executives have fallen victim to Beijing's large-scale anti-corruption campaign, which has been ongoing since 2021.

According to the verdict of the provincial court in Zhejiang, where the trial took place, the banker, also known as Li Zhang, was sentenced to death with a two-year reprieve. All of his assets will be confiscated.

The investigation into Zhang's corrupt activities began in 2023 when he was vice president of ICBC. He was later arrested in May last year and charged with bribery in August. It was revealed that Zhang had received bribes amounting to 177 million yuan ($24 million) between 2011 and 2022, demanding them in exchange for providing loans and employment for others.

He started working at ICBC, the largest bank in the world by assets, in 2010 after working at Deutsche Bank. He became the first banker from a foreign bank to be hired for a high-ranking position in one of China's state banks.

In 2018, Zhang resigned from his position at the bank due to family circumstances and became co-chairman of the private investment company Hopu Investment Management Co., according to local media.

Zhang's Time at ICBC coincided with the tenures of Li Xiaopeng, the former head of China Everbright Group, and Cong Lin, the former head of China Renaissance Holdings Ltd. Both have been linked to the corruption campaign.

Among other financial executives sentenced to death with reprieve by China are Liu Liangge, the former head of Bank of China Ltd., and Tian Huiyu, the former president of China Merchants Bank Co.