Exclusive: Former Bank of China Executive to Be New ICBC Vice President

What’s new: Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest commercial bank by assets, is set to name Zheng Guoyu as a new vice president, sources with knowledge of the issue told Caixin.

Zheng, a former vice president at Bank of China Ltd., has been appointed a member of the Communist Party committee of ICBC (601398.SH) and will take the position of vice president following relevant administrative procedures, the sources said.

The context: Zheng will be the fifth vice president of ICBC after Wang Jingwu, Zhang Wenwu, Xu Shouben and Zhang Weiwu. The current chairman of ICBC is Chen Siqing and the president is Liao Lin.

Zheng became a Bank of China vice president in May 2019 after around three decades working at the state-owned banking giant, according to his profile.

According to ICBC’s latest half-year report, the bank’s net profit attributable to shareholders rose to 163.5 billion yuan ($25.3 billion) in the first half of 2021 from 148.8 billion yuan in the same period last year. Its nonperforming loan ratio declined to 1.54% at the end of June from 1.58% a year earlier.

Related: ICBC Gets New Supervisory Board Chairman From PICC

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)

Download our app to receive breaking news alerts and read the news on the go.

Get our weekly free Must-Read newsletter.