An executive with Guangdong Development Bank (GDB) confirmed Friday that the deputy president of the bank, Wang Xin was taken away by the procuratorate at a time when Li Huirong, the bank's chairman, was leaving for health reasons, Saturday's China Daily reported.

The newspaper quoted an unnamed GDB executive as saying that Wang Xin has been asked by the local procuratorate to assist in an investigation.

None of the businesses and transformation projects will be affected, he told the newspaper.

The executive confirmed that Dong Jianyue, former president of Bank of China's Beijing branch, had been appointed a director and the new chairman of GDB.

GDB began to seek new investors in 2004 and a consortium led by Citigroup won the bidding for a stake in GDB in late 2006.

Source: Xinhua