China Merchants Bank, the fifth-largest bank on the Chinese mainland by market value, on Monday night revealed further details about planned senior personnel changes.
The Shanghai- and Hong Kong-listed joint-equity bank will promote four managers as certain high-level executives retire.
An external banking veteran will also join the institution. The bank’s Executive Vice President Li Hao will retire after serving China Merchants for more than two decades. Wang Yungui, with over 20 years’ experience at ICBC and most recently an official at China’s National Development Bank, will join the bank as a vice president according to the Monday announcement, though the move is still pending approval from the banking regulator.
A later announcement confirmed that the China Banking and Insurance Regulatory Commission has officially approved the bank’s four other proposed changes: Wang Jianzhong and Shi Shunhua, who both have worked at the bank for over 20 years, will step up as vice presidents of its retail banking and Shanghai branches respectively. Two younger managers, Li Delin and Liu Hui, will be promoted to the position of assistant governors.Related: Merchants Bank Exposed to $414 Million Investment Loss in U.K.