Postal Savings Bank of China (PSBC), one of the country’s largest state-owned lenders, will name a new head just days after it sealed a permit from regulators for an A-share IPO.

Caixin has learned from multiple sources that PSBC will nominate Guo Xinshuang, a veteran banker who previously served as an executive director of China Export & Credit Insurance Corp., as its new president. The appointment has not been published yet.

The position of president has been vacant for 10 months since PSBC’s former president Lü Jiajin was appointed as a deputy president of Bank of Communications.

On Tuesday, Guo was appointed as a vice general manager of PSBC’s parent company China Post Group, according to a company statement.

Hong Kong-listed PSBC announced that the China Securities Regulatory Commission has approved its A-share offering and that the bank will start initial inquiries on Friday to decide the issue price.

Read the full story on Caixin Global soon.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

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