Exclusive: World’s No. 4 Bank Appoints New President
Shanghai- and Hong Kong-listed Bank of China Ltd. (601988.SH), the world’s fourth-largest bank by assets, has decided to appoint the president of China Everbright Bank Co. Ltd. (601818.SH) as its new president, sources with knowledge of the matter told Caixin.
Liu Jin, 53, will become both president and vice chairman after the relevant administrative procedures are completed, according to the sources.
On Thursday afternoon, Bank of China announced at an internal meeting that Liu had been named the state-owned lender’s deputy Communist Party chief, they said.
Liu will fill a vacancy left by former Bank of China President Wang Jiang, who in January moved to China Construction Bank Corp. (601939.SH), the world’s second-largest bank, to become its president.
Liu worked for years at Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH), the world’s largest bank, until 2018 when he became an executive vice president of the China Development Bank, the nation’s biggest policy lender. In November 2019, he moved to China Everbright Bank and later became its president.
Liu’s work experience at ICBC’s overseas branches in London and Frankfurt as well as its Shandong branch’s international business department is expected to help Bank of China to further expand globally.
At China Everbright Bank, Liu worked on the digitalization of its business operations, a trend that has gained new momentum in China’s banking sector amid the ongoing pandemic, the sources said.
The appointment comes as Bank of China faces a temporary shortage of senior management. The talent crunch became more severe after the bank was punished for its speculative crude oil investment product known as “Yuan You Bao,” which burdened investors with heavy losses. The fiasco dented confidence in the bank’s executives, people close to the lender told Caixin previously.
Peng Qinqin contributed to this report.
Contact reporter Tang Ziyi (firstname.lastname@example.org) and editors Joshua Dummer (email@example.com) and Michael Bellart (firstname.lastname@example.org)
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