Background
Zhang Enzhao was born in 1946 in Juxian, China, Zhang is of Han nationality.
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Enzhao Zhang
Edit Profile恩照 张
Education
Zhang graduated from Fudan University with a degree in economic engineering.
Career
He joined the China Construction Bank in 1964 and continued at the bank in various roles until 1984. He left the CCB to join the Shanghai Division of the Investment Bank of China where he served as deputy governor for a year (1984–85), returning to the CCB as deputy general manager (1986–87), and then as general manager from 1987–99. His fast rise and experience in banking was noticed by bank executives, who quickly promoted him into the position of deputy governor, Shanghai Division where he served for two years. In 2002 he was appointed governor of the CCB, and in 2004 he was promoted to chairman. During his long banking career Zhang also served in several other roles, including chair of the China International Capital Corporation, deputy president of the China Banks Association, and secretary of the China Asset Management Company.
In the convocation of the 16th Chinese Communist Party (CCP) National Congress in November 2002, in order to investigate and prosecute serious cases of corruption, specifically commercial bribery, initiatives were launched for disciplined inspection and supervision at many levels of government agencies and organizations across China. It was as a result of this crackdown that Zhang and a number of other bank executives were found to be involved in serious corruption. Among these others were Liu Jinbao, former vice-chairman of the board of the Bank of China, and Hu Chushou, former chairman of the supervision committee for key state financial organizations. According to the China Banking Regulatory Commission, in recent years more than 6800 individuals, including 325 senior executives, have been fired or prosecuted in China for engaging in improper activities in the financial industry.
Politics
Ironically, Zhang’s predecessor as governor of the China Construction Bank was Wang Xuebing, who had been fired from the top post at CCB after charges that he accepted bribes while serving as chairman of another large government-owned bank, the Bank of China. Wang is now serving a 12-year prison sentence. In March 2005, Zhang was sued by Grace & Digital Information Technology in the US court on charges of accepting bribes from a US financial services company. Brought under the US Foreign Corrupt Practices Act, the civil suit accused Zhang of accepting bribes of $1 million and other favors from AIS, a US company specializing in computer systems for banking operations, then operating as Fidelity Information Services. Fidelity Information Services’ parent, Fidelity National Financial, based in Jacksonville, FL, denied the charges. Amid allegations of corruption, Zhang resigned immediately for ‘personal reasons’ from his post as chairman of China Construction Bank, and was put under house arrest while being investigated for alleged corruption at the bank.
Court documents stated that Zhang and two friends were invited by AIS on an all expenses paid visit to the Pebble Beach golf course, in Monterey, California in May 2002. While there, ‘AIS agreed to pay, and eventually actually paid, over US$1 million to Mr Zhang, disguised as a consulting fee’ in return for new contracts excluding Grace & Digital from any new commissions. The lawsuit stated that payment, and subsequent monthly payments of $3500, was made to Zhang through a Hong Kong-registered company controlled by the two friends who had joined him on the golf trip.
