Head of Zheshang Bank’s Lucrative Bills Business Taken Away by Authorities

A department head at China Zheshang Bank Co. Ltd. has been taken away by authorities, sources said, adding to a series of abrupt personnel changes at the Hangzhou-based commercial lender and casting a shadow over its highly lucrative bills-discounting business.

Lu Chuan, the head of the bank’s bills business department, has been absent from work recently, according to sources with knowledge of the matter, with word of his disappearance circulating in financial circles since early to mid-August.