China has named a new chief for Industrial & Commercial Bank of China (1398), the world's largest lender by assets.
Chen Siqing, chairman of the Bank of China (3988), was appointed as party secretary of Beijing-based ICBC at an internal meeting yesterday.
He replaces Yi Huiman, who became chairman of the China Securities Regulatory Commission in January.
Chen is expected to also be named ICBC's chairman, a position that has traditionally been held by the same person who has served as party secretary. ICBC had US$4.1 trillion (HK$31.98 trillion) of total assets at the end of 2018. It reported a record profit of 297.7 billion yuan last year after policy makers renewed their push to spur credit amid a deepening slowdown.
ICBC shares fell 3.28 percent to 7.37 yuan (HK$8.62) in Shanghai yesterday.