Tang Shuangning is the latest in a long line of high-profile figures caught up in Xi Jinping's anti-corruption campaign.
The former head of Chinese state-owned banking giant Everbright Group has been arrested for alleged corruption, prosecutors said.
Tang Shuangning, 69, was arrested on suspicion of accepting bribes and embezzlement following the conclusion of an investigation by the anti-corruption authority, China's Supreme People's Procuratorate said on Monday.
Tang was expelled earlier this month from the ruling Communist Party for alleged violations of party discipline, including bringing unauthorized books into the country and accepting illicit gifts.
The former bank chairman is the latest in a long line of high-profile figures within China's financial sector who became caught up in President Xi Jinping's sweeping anti-corruption campaign.
Last month, Sun Guofeng, former head of the central bank's monetary policy department, was sentenced to 16 years and six months in prison for accepting bribes, leaking state secrets and using inside information.
In October, Liu Liange, former president of the Bank of China, was arrested on suspicion of bribery and illegal lending.
Li Xiaopeng, who replaced Tang at Everbright, was arrested on suspicion of accepting bribes that same month.
Xi, widely considered China's most powerful leader since Mao Zedong, has made a zero-tolerance attitude toward corruption a signature policy of his precedent-breaking tenure in office.
While Xi's supporters have credited the Chinese leader with cleaning up the country's politics and business, critics say the anti-corruption campaign is a thinly veiled ploy to purge rivals.
