Tian Huiyu Photo:Xinhua

Tian Huiyu, a former president of China Merchants Bank, has been expelled from the Communist Party of China (CPC) and dismissed from public office over serious violations of Party discipline and laws, China's top anti-graft body announced on Saturday.

The punishment was handed down following an investigation by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission.

Tian, also former Party chief of the bank which is one of China's largest banks, has been under an ongoing disciplinary and supervisory investigation since April.

Tian's case came after China's top anti-graft body ramped up efforts to strengthen supervision of public officials in the financial industry, as part of a broad push to prevent systemic risks within the country's capital market.  

The investigation found that Tian, as a long-time Party cadre manning financial posts, had failed to resolutely implement the Party's policies for financial work. 

Tian was found to have taken advantage of his position to accept invitations to banquets, tours, golf courses, in addition to illegally accepting gifts. He abused his power to leverage forces within the capital market and profit from the finance industry under the guise of "marketization and investment." He also took advantage of the public interest for personal gains and lived an extravagant lifestyle while engaging in morally corrupt behavior, the top anti-graft body said.

He has severely violated the Party's discipline and committed duty-related offenses and has committed alleged criminal activities.

In line with Party regulations and laws, a decision has been made to expel him from the Party and dismiss him from public office, confiscate his illicit gains, and hand over his case for judicial proceedings.

The bank's stock on the local A-share market fell to 33 yuan ($4.64) per share at the end of September from 45 yuan on April 15, down more than 25 percent.

According to the Legal Daily newspaper, as of September 25, a total of 52 top-level cadres have been subject to investigation this year. On September 16, three managers in key posts from China Development Bank Securities, China Construction Bank, and China Development Bank were made subject of Party disciplinary investigations.