A man rides a segway near Spanish Civil Guards at the headquarters of Industrial and Commercial Bank of China (ICBC) during a raid in Madrid, Spain, February 17, 2016. REUTERS/Juan Medina
BEIJING (Reuters) – A senior executive of Industrial and Commercial Bank of China (ICBC) has landed in Spain after a raid at the lender’s Madrid branch led to the arrest of five directors, a spokesman said on Friday.
Spanish police made the arrests on Wednesday after they launched an investigation into alleged money laundering at the Madrid branch of China’s largest listed bank.
The Beijing-based spokesman said ICBC Europe Chairman Chen Fei had arrived in Madrid to handle the matter and the branch had re-opened.
The investigations may damage the reputation of Chinese banks, although historically they have not been the worst money laundering offenders, bankers and analysts said.
Reporting by Shu Zhang in Beijing and Engen Tham in Shanghai; Writing by Engen Tham
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