Hu Huaibang, former chairman of the China Development Bank (CDB), has been put under investigation for suspected severe discipline and law violations, an official statement said on July 31.

Hu, also former secretary of the CDB committee of the Communist Party of China (CPC), is being investigated by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission, according to the statement.

Born in September 1955 in Luyi, central China's Henan Province, Hu became chairman of the CDB in 2013. He was followed by Zhao Huan who was appointed chairman in September 2018.

The CDB was founded in 1994 as a policy financial institution under the direct leadership of the State Council. It was incorporated as China Development Bank Corporation in December 2008, and officially defined by the State Council as a development finance institution in March 2015.