Quick Take: Senior Official at Central Huijin Investment to Be Named Bank of China President
The top executive of Central Huijin Investment Ltd., which holds stakes in a number of state-owned banks and other financial institutions, will be appointed Bank of China (BOC) president, sources told Caixin.
Bai Tao, 55, currently Central Huijin’s executive director and president, will soon fill the BOC position, which has been vacant for 10 months partly due to the recent restructuring of the nation’s financial regulatory framework, according to the sources, who declined to be named. Bai is also an executive vice president of China Investment Corp., the country’s sovereign wealth fund, which is the sole owner of Central Huijin.
A veteran banker, Bai moved up the ranks during the 30 years working at the loan, risk control and internal auditing departments of the Industrial and Commercial Bank of China, the world’s biggest lender by assets. He became a vice chief of state-owned insurer China Life in 2014 before taking up the posts at Central Huijin, which maintains shares in all the “big four” state-backed lenders, including the BOC, about two years later.
Experienced in banking, insurance and investment, Bai is expected to play an important role in boosting the performance of the BOC, which is facing declining revenues and a rising number of potential bad loans.
The bank had 483.7 billion yuan ($75.53 billion) in total revenue in 2017, nearly unchanged from the previous year. In the first three months of this year, its revenue slipped 2.5% year-on-year to 126 billion yuan.
Contact reporter Fran Wang (firstname.lastname@example.org)
Jul 30 07:13 PM
Jul 30 06:26 PM
Jul 30 03:58 PM
Jul 29 08:23 PM
Jul 29 07:03 PM
Jul 29 04:45 PM
Jul 28 06:49 PM
Jul 28 05:54 PM
Jul 28 03:25 PM
Jul 27 07:11 PM
Jul 27 05:06 PM
Jul 27 04:09 PM
Jul 26 07:29 PM
Jul 26 06:04 PM
Jul 23 08:14 PM
- 1Opinion: The Who, What and Why of China’s Regulatory Campaign
- 2Education Companies Knew Sweeping Rules Were in the Pipeline
- 3Cover Story: How Historic Rainfall Overwhelmed Zhengzhou
- 4Meituan Shares Plunge 14% as New Regulations Threaten Higher Costs
- 5In Depth: The Fall of China’s Last Bitcoin Mining Haven
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas