Spanish police have arrested five directors of Industrial and Commercial Bank of China (ICBC) after they raided the lender’s Madrid offices as part of an investigation into alleged money laundering.

China’s large state-owned lenders have been dogged by allegations of improper conduct as they expand abroad and the probe into ICBC by police, the Spanish tax agency and Europol involves funds handled by a criminal group which the Interior Ministry says passed through the bank and were transferred to China. MORE