On July 22, financial authorities announced a significant penalty.
The Shanghai Office of the National Financial Regulatory Administration has imposed a fine of 2 million yuan on Ping An Bank Co.,Ltd. Shanghai Branch.
The penalty was issued due to severe violations of prudent operating rules concerning employee conduct management and loan management, as detailed in the regulator's public disclosure of administrative punishment information.
In a related action, Lu Wenxiao, who served as an assistant personal loan manager in the bank's retail credit department, has been barred from working in the banking industry for a period of ten years.
This prohibition against the former employee was also based on serious breaches of the same prudent operating rules regarding employee behavior and loan management practices.
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