Ex-Bank of China Manager Jailed for Life Over $322 Million Fraud

China handed a life sentence to a former Bank of China Ltd. manager who was repatriated from the US two years ago over one of the Asian nation’s biggest bank frauds.

Xu Guojun, a former local branch head at Bank of China, was sentenced on Wednesday in a court in the southern province of Guangdong, according to an official notice. He was convicted of embezzlement and misappropriation of over 2.3 billion yuan ($322 million) in funds more than 20 years ago with accomplices.

Xu and two other former bank employees took advantage of loopholes at the lender and made ...