Lou Wenlong, former vice-president of Agriculture Bank of China, has been expelled from the Communist Party of China for severe violations of the Party disciplines and national laws, the country's top anti-corruption watchdog said.

The CPC Central Commission for Discipline Inspection disclosed the decision in an online statement on Wednesday, noting that Lou was found to have allegedly accepted huge amounts of properties after taking advantage of his positions to seek benefits for others in various matters such as regulatory approval, investment shares, financing credit and project contracting.

With great efforts to resist the disciplinary investigation, Lou was also discovered to have gone against the regulations to reportedly attend banquets paid with public funds and accept gifts, money and spending cards, according to the statement.

In addition, he allegedly borrowed vehicles of his subordinate departments to engage in profit-making activities and transfer expenses that should be paid by himself to others, it said, adding that he was also found to have illegally assumed other duties after leaving office.

"Lou's behaviors have constituted a serious duty violation and is suspected of taking bribes, so we've decided to expel him from the Party, with confiscation of his illicit gains," the statement said.

It added that his suspected violations of national laws would be transferred to prosecutors for further criminal review and investigation.

Public information shows that Lou, 66, a native of Zhejiang province, had worked in China's bank system for many years before he was placed under the disciplinary and supervisory investigation in May.