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ICBC board approves Zhang as vice president

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-04-20 10:51

The board of Industrial and Commercial Bank of China (ICBC) on Monday passed the proposal to recruit Lee Zhang, former top Asian executive of Deutsche Bank AG, to be the bank's vice president, the Xinmin Evening News reported.

The board welcomed Zhang to join ICBC as he was familiar with the international financial market as well as the domestic market and he had a rich management experience in international banks, according to a statement released by the bank.

The Deutsch Bank also confirmed Zhang's appointment, saying that it was the first time the Chinese government brought talent from a foreign bank to be the senior executive of a State-owned bank.

After two years of mergers and acquisitions as well as setting up new branches, ICBC almost finished setting its footprint across Asia. The bank may develop its business in Europe, and Zhang was an ideal choice for the job, said industry insiders.

Zhang's appointment now awaits approval from the China Banking Regulatory Commission (CBRC), China's top banking regulator, the report said.