Zhao nabs ABC presidency as scandal breaks

Baptism of fire for Zhao Huan as allegations of embezzlement linked to almost $600m surface at Agricultural Bank of China after industry veteran is appointed as its president.

Industry veteran Zhao Huan is to take the helm at underperforming Agricultural Bank of China, filling a role left vacant last year in the wake of the government's anti-graft drive, just as a new scandal breaks over the country’s third-largest lender by assets. 

The appointment as president of Zhao to replace Zhang Yun, who formally left the bank in December after becoming the focus of a corruption probe, is still to be approved by the China Banking Regulatory Commission, ABC said in a filing with the Shanghai Stock Exchange late on Thursday.

But one of his first tasks could be to...
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