Former Everbright Bank Chief to Head Postal Savings Bank
Zhang Jinliang, a veteran banker and former president of Everbright Bank, will become the new chairman of the Postal Savings Bank (PSB) of China, one of the country’s biggest state lenders, Caixin learned.
Zhang, 49, former director of Everbright Group and president of subsidiary Everbright Bank, was appointed Monday as a director and general manager of China Post Group, parent of PSB. According to tradition, Zhang will also assume the position of PSB chairman.
The post has been vacant since July after former Chairman Li Guohua was transferred to become the general manager of China Unicom, one of the largest state-owned telecom companies. Caixin learned that the ruling Communist Party’s Organization Department, which oversees official and state company executive appointments, completed Zhang’s review in late July.
The PSB, which raised $7.4 billion through an initial public offering in Hong Kong in September 2016, is one of the country’s top 10 banks by assets and has some 500 million customers. It primarily serves individuals and small businesses in rural and suburban China, and with around 40,000 outlets has the biggest network of any bank on the mainland.
Zhang faces tough challenges at PSB in the wake of a series of scandals. He has a deep background in bank risk management and compliance.
The state-owned bank has been severely punished by regulators over the scandals. In January, China’s banking regulator fined PSB 90.5 million yuan ($620,000) over a massive fraud involving the sale of 3 billion yuan of wealth management products by one of its sub-branches to raise money to repay forged discounted bills of exchange.
“PSB has its unique advantages of many branches, sufficient deposit sources, and a relatively clean balance sheet, but too many branches may become liabilities,” said a senior financial expert, who warned the PSB about corporate governance.
As a banking veteran, Zhang is known for his professionalism and affinity in the banking industry.
“Professional, well educated, and experienced,” a senior executive of a major Chinese bank said of Zhang.
Zhang, holder of a Ph.D. in economics from Xiamen University, worked in different roles at the Bank of China for nearly 20 years after graduation and was appointed vice president of the bank in 2014, in charge of risk and compliance.
“He understands the business and policies both very well,” said one of Zhang’s subordinates at Bank of China.
In January 2016, Zhang was named president of Everbright Bank, one of China's largest joint-stock commercial banks. During his tenure, the bank improved significantly in risk management.
Feb 24 18:02
Feb 24 17:28
Feb 24 14:15
Feb 24 14:04
Feb 24 13:10
Feb 22 03:07
Feb 21 14:54
Feb 20 17:29
Feb 20 15:19
Feb 20 14:58
Feb 20 12:44
Feb 20 10:56
- 1Another Study Claims Wuhan Seafood Market May Not Be Source of Covid-19 Outbreak
- 2Coronavirus Among Medics More Widespread Than Reported, Research Shows
- 3Coronavirus Friday Update: ‘No Turning Point Yet,’ Politburo Meeting Finds; Cases in Iran ‘Worrisome,’ WHO Says
- 4Coronavirus Tuesday Update: Cabinet Waives Employers’ Welfare Contribution, First Biopsy Study Unveils How Covid-19 Hurts Patients
- 5Coronavirus Sunday Update: Iran Reports 8 Deaths; Chinese Researchers Doubt Wuhan Virus Origin
- 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