The Shanghai branch of CITIC BANK has been penalized with an 800,000 yuan fine, according to an administrative penalty disclosure from the National Financial Regulatory Administration's Shanghai bureau.

The penalty was issued due to serious violations of prudential operating rules concerning employee behavior management and loan management practices.

In a related action, Zhang Haoyu, who held positions as deputy manager of the retail department at the bank's Zhangjiang sub-branch and team leader at the personal loan business center of the Shanghai branch, has been banned from working in the banking industry for five years.

This prohibition is also a result of serious breaches in the prudential rules governing staff conduct and loan management.