Exclusive: Pudong Development Bank Set to Get New President
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Shanghai Pudong Development Bank Co. Ltd. (SPDB) (600000.SH) is set to promote Vice President Xie Wei to fill its vacancy in the president’s position, sources with knowledge of the matter told Caixin.
Xie is a banking veteran with extensive experience in corporate banking, which SPDB excels at, according to people with ties to the lender.
The 53-year-old spent his early career at China Construction Bank Corp. (CCB), one of the country’s “Big Four” state-owned lenders, public information shows. After joining SPDB, he held various positions, including president of the Fuzhou branch and general manager of the lender’s asset management department, before being appointed a vice president at the headquarters in 2016.
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- SPDB plans to promote Vice President Xie Wei to president, filling a vacancy since Pan Weidong's resignation in September.
- Xie Wei is a seasoned banker with experience at China Construction Bank and various roles at SPDB since 2016.
- SPDB is undergoing leadership and structural reforms, has 9.1 trillion yuan in assets, a 1.45% non-performing loan ratio, and reported a 10% profit increase in Q1, 2023.
- Shanghai Pudong Development Bank Co. Ltd.
- Shanghai Pudong Development Bank Co. Ltd. (SPDB) is a banking institution with $1.3 trillion in total assets and a non-performing loan ratio of 1.45% as of March. SPDB saw a net profit growth of 10% year-on-year in Q1, reaching 17.4 billion yuan. Amid recent leadership changes, the bank initiated reforms to enhance efficiency and established departments focused on tech finance, industry strategies, and rural businesses.
- China Construction Bank Corp.
- China Construction Bank Corp. (CCB) is one of China’s “Big Four” state-owned banks. It plays a significant role in the country's financial sector. Xie Wei, who is set to be promoted to president at SPDB, spent his early career at CCB, gaining substantial experience in corporate banking.
- 2016：
- Xie Wei was appointed a vice president at SPDB headquarters.
- Second half of last year：
- CCB executive Zhang Weizhong was appointed SPDB's new chairman, and Kang Jie became a vice president.
- September 2023：
- Pan Weidong resigned from the president’s position at SPDB.
- First three months of 2024：
- SPDB’s net profits grew 10% year-on-year to 17.4 billion yuan.
- As of the end of March 2024：
- SPDB had 9.1 trillion yuan in total assets and a non-performing loan ratio of 1.45% according to its quarterly report.
- April 2024：
- Zhang Weizhong announced the establishment of new departments at SPDB during the bank’s annual report briefing.
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