China Development Bank removes HK boss, reports say
(01-23 12:50)
China Development Bank Corp has removed its Hong Kong chief Liu Hao, a media report said.
Caixin Online said Han Baoxing has replaced Liu.
The bank has come under scrutiny for agreeing to fund Thai company Charoen Pokphand Group’s US$9.4 billion bid to buy shares in Ping An Insurance (Group) Co from British bank HSBC.
In Early December last year, HSBC announced it will sell its 15.6 percent holding in Ping An to the Thai company and that China Development Bank will fund a part of the sale.
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