After half a year of his downfall, Lou Wenlong, former vice president of the Agricultural Bank of China, was expelled from the party and handed over to the judiciary. Lou Wenlong, who had previously served as the director of the Beijing Banking Regulatory Bureau, was a veteran in the banking industry, and his downfall had once shaken the Chinese financial sector.
On November 20, the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervision Commission announced that Lou Wenlong had not truthfully reported personal matters and had sought benefits for others in terms of job promotions; he had illegally accepted gifts, cash gifts, and consumer cards, borrowed vehicles from management service targets, engaged in profit-making activities in violation of regulations, transferred payment obligations to others that should have been paid by himself, engaged in irregular employment after leaving the job; had a corrupt family atmosphere, mismanaged and failed to educate his family members; engaged in financial transactions, used his position to seek profits for others in regulatory approval, investment, stockholding, financing and credit, project bidding, and unlawfully received substantial amounts of money.
According to the announcement, Lou Wenlong was expelled from the party and handed over to the judiciary.
On May 16 of this year, Lou Wenlong was announced to be under investigation, at which time he had been out of the Agricultural Bank system for 7 years.
Public resume information shows that Lou Wenlong was born in January 1958 in Zhuji City, Zhejiang Province, and graduated in 1980 with a major in banking from Zhejiang Banking School (now Zhejiang Financial Vocational College).
Zhejiang Banking School was once directly affiliated with the People’s Bank of China – the central bank of the Communist Party of China. After graduation, Lou Wenlong stayed at the school as the secretary of the Communist Youth League and later joined the People’s Bank of China.
Lou Wenlong served as the director of the Organizational Office of the People’s Bank of China’s Zhejiang Branch, the director of the Banking Inspection Department of the Hangzhou Financial Regulation Office of the Shanghai Branch of the People’s Bank of China, and the deputy team leader of the Supervision Group of the Chinese Construction Bank of the Banking Supervision Department of the People’s Bank of China.
After the establishment of the China Banking Regulatory Commission in 2003, Lou Wenlong served as the deputy director and director of the Banking Supervision Department II of the Commission, responsible for the supervision of joint-stock banks and city commercial banks. In February 2009, Lou Wenlong was appointed as the director of the Beijing Banking Regulatory Bureau of the Banking Regulatory Commission.
In August 2012, Lou Wenlong joined the Agricultural Bank of China, where he worked for nearly five years, overseeing asset-liability management, non-performing loan disposal, and the “Three Rural” Business Department, among other departments.
In April 2017, the Agricultural Bank of China announced that due to changes in work, Lou Wenlong requested to resign from his positions as executive director, vice president of the Agricultural Bank, and member of the board’s strategic planning committee and the “Three Rural” Financial Development Committee.