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Exclusive: Citic Bank President in Line for Top Role at China’s No. 5 Lender

Published: Dec. 23, 2025 7:41 p.m. GMT+8

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Lu Wei

Lu Wei, president of China Citic Bank (601998.SH), is poised to take a top role at Postal Savings Bank of China (PSBC) (601658.SH), the country’s fifth-largest state-owned bank by assets, Caixin has learned.

The shift would involve a transfer to PSBC’s parent, China Post Group, where the 54-year-old is expected to join the group’s Communist Party leadership body, multiple industry sources with knowledge of the matter told Caixin.

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Lu Wei, president of China Citic Bank, is set to take a top role at Postal Savings Bank of China (PSBC) amid leadership transition.
Lu has 25 years at Citic, served as Citic Bank president for 10 months, and holds an Australian master's degree in accounting.
PSBC, owned by China Post Group, had assets of 18.6 trillion yuan ($2.6 trillion) as of September, nearly twice Citic Bank’s size.

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Who’s Who

China Citic Bank: China Citic Bank (601998.SH) is a Chinese bank. Its president, Lu Wei, is moving to a top role at Postal Savings Bank of China (PSBC), the country's fifth-largest state-owned bank. Citic Bank is significantly smaller than PSBC, with PSBC's assets being nearly double its size. Lu Wei previously served as president of Citic Bank for 10 months and spent about 25 years at the institution in various roles before moving to Citic Trust in 2022.

Postal Savings Bank of China: Postal Savings Bank of China (PSBC) is the fifth-largest state-owned bank in China by assets, reporting 18.6 trillion yuan ($2.6 trillion) as of the end of September. It is the banking arm of China Post Group, which is wholly owned by the State Council. PSBC is preparing for a leadership transition due to its current president's retirement.

China Post Group: China Post Group is the parent company of Postal Savings Bank of China (PSBC), the country's fifth-largest state-owned bank. It is wholly owned by the State Council, China's cabinet. Lu Wei, president of China Citic Bank, is expected to join the group's Communist Party leadership body.

Citic Trust: Lu Wei, former chairman of Citic Trust, is poised to take a top role at Postal Savings Bank of China (PSBC). Lu had a tenure of about 10 months as president of China Citic Bank after serving as chairman of Citic Trust. He spent about 25 years at Citic Bank in various roles before moving to Citic Trust in 2022.

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