President of Postal Savings Bank under probe

BEIJING - The Postal Savings Bank of China (PSBC) said Monday that its president Tao Liming is being investigated over "personal economic issues."

Chen Hongping, an official from the bank's fund operation department, is under investigation for similar reasons, according to a statement on the PSBC's official website.

The bank's business and financial condition will not be affected by the investigations, the statement said.

The PSBC went from being a limited liability company to a joint stock company earlier this year. It has more than 500 million clients, as well as assets exceeding 4 trillion yuan (634.92 billion U.S. dollars).