Jul 01, 2023 08:45 PM

FINANCE

Exclusive: Chinese Insurance Giant PICC to Get New President, Sources say

By Wu Yujian and Lin Jinbing

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Zhao Peng

Zhao Peng

State-owned insurance major The People’s Insurance Co. (Group) of China Ltd. (PICC) (601319.SH) is expected to appoint finance veteran Zhao Peng as president, sources with knowledge of the issue told Caixin.

China has named Zhao deputy chief of PICC’s Communist Party committee, the Shanghai- and Hong Kong-listed company said in a statement on Saturday. He will need to go through relevant procedures before becoming president, the sources said.

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