(CFP)

The Postal Savings Bank of China (PSBC) issued an announcement on June 11, saying that its president Tao Liming is under investigation because of suspicions of "personal economic problems."

PSBC became a joint stock company earlier this year. It has more than 500 million clients, and its assets exceed 4 trillion yuan ($634.92 billion). It is a commercial bank with the largest number of =branches and the largest network in China. At the same time, it has the fifth biggest pool of deposits among China's commercial banks and its asset scale increases fastest among Chinese large national banks.

Tao has been the president of PSBC since March 20, 2007. His economic problems are said to be related to "illegal loans."