Details of the embezzlement case involving former president of Bank Of Nanjing Co.,Ltd. have recently been disclosed for the first time. According to the 4th issue of "Judicial Guidance on Duty Crimes" published by the Second Criminal Division of the Supreme People's Court, Shu Xingnong improperly used bank reserve funds to make early redemptions of wealth management products, earning over 15.75 million yuan in profits within 14 months, representing a return rate as high as 210%. Shu voluntarily surrendered to authorities and was convicted of embezzlement of public funds, receiving a sentence of five years and six months in the first trial, which was upheld in the second instance.
Shu's resume indicates he served at Bank Of Nanjing Co.,Ltd. for over 20 years, holding positions such as General Manager of the Funds Operation Center, Vice President, and President. In May 2019, he was transferred to the role of Vice Chairman of Nanjing New Agriculture Development Group, stepping down in November of the same year and subsequently disappearing from public view.
During Shu's tenure, the financial markets division of Bank Of Nanjing Co.,Ltd. underwent multiple structural reforms, vigorously promoting the development of businesses including bond underwriting, interbank investment and financing, wealth management, and custody services, solidifying the bank's reputation as a "bond-specialized bank."
Recent adjustments have been made to the leadership of two departments within the financial markets division at the head office. Zhu Qunli, General Manager of the Head Office Asset Custody Department, has been appointed as Director of the Board of Directors Office. Zhu previously worked at the People's Bank of China's Laiwu Central Sub-branch and served as Deputy General Manager of the Risk Control Department at Bank Of Nanjing Co.,Ltd. from July 2004 to December 2005. He was General Manager of the Development Planning Department from January 2006 to October 2013 and has been General Manager of the Asset Custody Department since November 2013 until April 2026.
Bank Of Nanjing Co.,Ltd. established the independent first-level Asset Custody Department on October 28, 2013, with Zhu Qunli as its General Manager. Six months later, on April 9, 2014, the bank obtained approval from the China Securities Regulatory Commission and the former China Banking Regulatory Commission to conduct securities investment fund custody business. Over the past 12 years, the bank has continuously diversified its custody product offerings, expanded its business scale, and enhanced profitability. As of the end of September 2025, the asset custody business scale of Bank Of Nanjing Co.,Ltd. reached 3.97 trillion yuan, a 16.42% increase from the end of the previous year.
Wang Yan, General Manager of the Head Office Funds Operation Center, has been appointed as General Manager of the Head Office Asset Custody Department. Wang, who holds both bachelor's and master's degrees, joined Bank Of Nanjing Co.,Ltd. in 2001 and has extensive experience in the interbank bond market, fixed income investment, trading strategies, and risk management. She previously served as Deputy General Manager of the Head Office Asset Management Department and Head of the Financial Markets Department. From December 2017 to April 2026, she was General Manager of the Funds Operation Center.
Zhang Lan, Deputy General Manager of the Funds Operation Center, is now acting General Manager of the center. Zhang previously held roles as a researcher in the Financial Markets Department, General Manager of the Wealth Management Special Account Investment Department, and Assistant General Manager and Deputy General Manager of the Asset Management Department. She has been Deputy General Manager of the Funds Operation Center since April 2025.
As a key component of the financial markets division, the Funds Operation Center of Bank Of Nanjing Co.,Ltd. primarily manages investment and trading in standardized domestic and foreign currency assets, foreign exchange, precious metals, and derivatives. Its establishment and development are closely linked to Shu Xingnong. In 2002, Bank Of Nanjing Co.,Ltd. became the first city commercial bank to establish a dedicated funds operation center, directly confronting challenges in the interbank market. That year, the bank's bond spot trading volume surged to the top in the market, exceeding the combined total of four major banks, earning it the nickname "Bond King."
In 2009, the Funds Operation Center was renamed the Financial Markets Department. In 2016, the department relocated to Shanghai and was renamed the Funds Operation Center. In December 2017, the center received approval for independent licensing, with Wang Yan appointed as General Manager. On January 25, 2018, the Funds Operation Center was officially inaugurated. Then-President Shu Xingnong stated that this marked a new starting point to leverage professional and specialized advantages, uphold compliant operations, strengthen risk control and product innovation, and enhance the quality and efficiency of serving the real economy.
However, just one year later, Bank Of Nanjing Co.,Ltd. became embroiled in a bond market controversy. In February 2019, the bank announced that Dai Juan, General Manager of the Asset Management Business Center, Dong Wenzhao, Deputy General Manager of the Funds Operation Center, and Li Yan, Deputy General Manager of Xinyuan Fund, were unable to perform their duties due to personal reasons. In May of the same year, the bank announced that Shu Xingnong had resigned as president due to a work transfer, without acknowledging his contributions during his tenure.
Following Shu's departure, the core management of Bank Of Nanjing Co.,Ltd. stabilized after two rounds of adjustments. In May 2020, Lin Jingran was appointed president but resigned after just two years for "new assignments." In December 2022, Zhu Gang succeeded him as president, a position he holds至今. In February 2024, Xie Ning, from the regulatory system, was appointed chairman of the bank.
Under the new leadership, Bank Of Nanjing Co.,Ltd. has performed well. Preliminary results show that as of the end of 2025, the bank's total assets reached 3,022.424 billion yuan, a 16.63% increase from the end of the previous year, officially entering the "3 trillion club" and ranking fifth among city commercial banks.
In terms of performance, in 2025, Bank Of Nanjing Co.,Ltd. achieved operating income of 55.540 billion yuan, a year-on-year increase of 10.48%. Net profit attributable to shareholders of the listed company was 21.807 billion yuan, up 8.08% year-on-year. Net interest income reached 34.902 billion yuan, increasing by 31.08% compared to the previous year.
Despite strong growth momentum, Bank Of Nanjing Co.,Ltd. still faces challenges. For instance, its income structure is imbalanced. In the first three quarters of 2025, the bank's net non-interest income was 16.742 billion yuan, down 11.63% year-on-year, accounting for less than 40% of operating income. Gains from changes in fair value also shifted from a profit of 4.68 billion yuan in the same period last year to a loss of 334 million yuan.
Dependence on the bond market remains unresolved, and how to transform and accelerate intermediary businesses continues to be a pressing issue for Bank Of Nanjing Co.,Ltd.
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