The Shanghai branch of China Merchants Bank Co.,Ltd. (CM BANK) has been fined 300,000 yuan, according to information disclosed in an administrative penalty notice from the Shanghai regulatory bureau of the National Financial Regulatory Administration.

The penalty was imposed due to the branch's severe violation of prudent management rules concerning employee conduct oversight.

In a related action, Tang Yiwei, who served as a retail credit client manager at the branch's retail credit department at the time of the violations, has been barred from working in the banking industry for a period of five years for the same serious breach of conduct management rules.