Caixin
Mar 01, 2019 08:33 PM
FINANCE

Movers and Shakers: Switch-Outs at Online Bank, World Bank, Regular Bank

| World of Finance

Citic Bank: China Citic Bank Corp. announced its new president will be Fang Heying (方合英), currently the lender’s vice president and financial director, subject to regulatory approval. Citic Bank is one of China’s 12 joint-stock banks that operate nationally.

• Fang, 52, replaces Sun Deshun (孙德顺), 60, who resigned on Wednesday after holding the position for two and half years. Caixin has learned that Sun will continue to be the chairman of China Citic Bank International, Citic Bank’s arm in Hong Kong.

• Citic Bank is a key financial subsidiary of state-owned financial conglomerate Citic Group. It led a group of domestic banks to help fund ChemChina’s $49 billion takeover of Swiss agribusiness giant Syngenta AG in 2017.

Alibaba’s online bank: Online bank MYbank, which is 30% owned by Alibaba-affiliate Ant Financial Services Group, is seeing some high-level leadership changes, according to sources:

Jing Xiandong (井贤栋), Ant Financial’s chairman and CEO, will step aside as chairman of MYbank. He’ll be replaced by Hu Xiaoming (胡晓明), who will remain Ant Financial’s president.

• Ant Financial Vice President Huang Hao (黄浩) will step aside as MYbank president, to be replaced by Jin Xiaolong (金晓龙), currently the online bank’s vice president.

According to several sources, Ant Financial is preparing for new government rules intended to rein in financial conglomerates, which could limit the concurrent posts that senior management can hold in an attempt to create firewalls between conglomerates and subsidiaries.

Insurance: China’s biggest property insurer, the state-owned People’s Insurance Company of China (PICC) Property & Casualty Co. Ltd., is undergoing changes at the top. Lin Zhiyong (林智勇) has resigned as vice chairman and director due to “other work arrangements.” He’ll likely be replaced by Xie Yiqun (谢一群), a vice president of PICC Group, who was appointed Communist Party secretary of PICC Property & Casualty Co. Ltd. the same day Lin resigned.

New World Bank China head: The World Bank has appointed Martin Raiser, a German national, as its new country director for China and Mongolia, as well as its director for South Korea. Raiser was formerly the country director for Brazil. He succeeds Bert Hofman, who is retiring.

| Companies Roundup

Canada has to decide by midnight Friday (5 a.m. GMT) whether to hold an extradition hearing for Huawei Technologies Co. Ltd.’s Chief Financial Officer Meng Wanzhou (孟晚州), who has been accused by the U.S. of conspiring to break sanctions against Iran. Meng is also the daughter of company founder Ren Zhengfei (任正非).

Huawei also pleaded not guilty to charges leveled by the U.S. that included stealing trade secrets from T Mobile US Inc. on Friday.

| Corruption Casebook

Zhao Mingyuan (赵明远), former president and Communist Party chief of debt-ridden Dongbei Special Steel Group Co. Ltd. is suspected of “serious violations of the law and discipline,” a term frequently used to refer to corruption, according to Liaoning province’s Communist Party discipline body.

State-owned Dongbei Special, one of China’ most notorious bankruptcy restructuring cases, entered a downward spiral after it failed to repay over 7 billion yuan ($1.04 billion) of bonds in 2016. Company Chairman Yang Hua (杨华) killed himself five days before the first default.

Contact reporter Ke Baili (bailike@caixin.com)

Read more about Caixin’s Movers and Shakers.

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