US says Wells Fargo banker barred from leaving China has returned home
BEIJING: A Wells Fargo banker who had been barred from leaving China for several months has been allowed to return to the United States following negotiations between Washington and Beijing, sources told Reuters on Wednesday (Sep 17).
Chenyue Mao, a US citizen who was born in Shanghai and is based in Atlanta, had been prevented from leaving China since earlier this year. She has now departed the country, one source said.
The exit ban was lifted after talks between US and Chinese officials, coinciding with a breakthrough deal in Madrid to transfer short-video app TikTok’s US operations to American-controlled ownership. It was not immediately clear if Mao’s case was linked to those discussions.
CHINA CITES CRIMINAL CASE
China’s foreign ministry said Mao had been prevented from leaving due to her involvement in a criminal case and was required to cooperate with an investigation.
“China is a country governed by rule of law, and handles criminal cases and issues of exit and entry according to its laws,” a ministry spokesperson said when asked for an update on Wednesday.
The US State Department said it had no higher priority than the safety of US citizens but declined to provide further details. Wells Fargo, the White House and the US Embassy in Beijing also did not comment.
BANKS REVIEW CHINA TRAVEL
Wells Fargo had suspended all staff travel to China after Mao’s exit ban was imposed, though that ban remains in place, according to a person familiar with the matter. By contrast, employees of other major banks have continued travelling to China.
The US-China Business Council, which includes 270 American companies, completed a two-day trip to Beijing in July to promote commercial ties just days after Mao was barred from leaving.
MAO’S ROLE
Mao leads Wells Fargo’s international factoring business, which helps multinational clients manage cross-border financing and working capital. She has been with the bank for more than a decade.
Business registration records show Wells Fargo’s footprint in China is far smaller than Wall Street peers, with about 63 staff across branches in Beijing and Shanghai.
EXIT BANS RAISE CONCERNS
Mao’s case revived concerns among business groups and diplomats that foreign employees risk entanglement with Chinese authorities.
She was the latest in a string of foreign executives to face exit bans or detentions. In March, China released employees of US due diligence firm Mintz Group detained two years earlier, while in 2023 a senior Nomura banker was also ordered not to leave the mainland.
