Caixin
Jan 20, 2020 07:54 PM
FINANCE

Exclusive: Export-Import Bank of China Picks New President

Wu Fulin, an executive vice president of Bank of China, will be officially appointed after regulators sign off, according to sources familiar with the matter.
Wu Fulin, an executive vice president of Bank of China, will be officially appointed after regulators sign off, according to sources familiar with the matter.

The Export-Import Bank of China (Ex-Im Bank) has chosen a new president, filling a post that’s remained vacant for four months, Caixin has learned.

Wu Fulin, an executive vice president of Bank of China Ltd., will be officially appointed after regulators sign off, according to sources familiar with the matter.

Wu’s appointment to the state-owned policy bank will fill a vacancy left by Zhang Qingsong, who also went to the Ex-Im Bank from Bank of China, in 2018. Zhang left the Ex-Im Bank in 2019 to take over the presidency of Agricultural Bank of China Ltd. Wu, 56, worked for years at China Everbright Group Ltd. and its financial subsidiaries before moving to Bank of China in late 2018 to take the vice president job.

Wu will join the Ex-Im Bank at a challenging time. Over the past month, the bank’s Shaanxi provincial branch has been hit with more than a dozen citations (link in Chinese) from the local branch of the China Banking and Insurance Regulatory Commission for rule violations related to its loan business, with fines totaling more than 7 million yuan ($1 million).

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Jiang Bin, who headed the Ex-Im Bank’s Shaanxi branch from July 2015 to January 2019, fell under investigation for graft in May. He was suspected of colluding with privately owned companies to illegally issue loans, Caixin has learned.

Contact reporter Timmy Shen (hongmingshen@caixin.com, Twitter: @timmyhmshen) and editor Michael Bellart (michaelbellart@caixin.com).

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