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Further executive reshuffles made at nation's major banks

By Wei Tian | China Daily | Updated: 2013-04-17 10:19

China's main banks have seen further changes made to their top executive positions, in what are being seen as the latest steps to speed up reform of the country's leading financial institutions.

Bank of China Ltd, the country's fourth-biggest lender, on Monday appointed 54-year-old Tian Guoli as its new Party chief, one month after former chairman Xiao Gang took over as the country's top securities regulator.

Tian, who was former chairman of China Citic Bank, was listed on BOC's website as Party secretary. As is customary, he is also expected to become chairman.

Later on the same day, Hu Huaibang, chairman of Bank of Communications Co, resigned due to "the demands of national financial work", according to a statement by the country's fifth-largest commercial bank.

It has been rumored that the 58-year-old Hu will replace Chen Yuan as chairman of Beijing-based China Development Bank Corp, the world's largest policy bank, although the bank hasn't made any official announcement yet.

Chen, 68, is being tipped to lead the setting up of a new development bank for the BRICS countries, which groups China with Brazil, Russia, India and South Africa, Caixin reported.

There is no information on successors for Tian and Hu.

All the changes come as part of China's once-a-decade leadership transition, which saw the nomination of a new finance minister, Lou Jiwei, and Zhou Xiaochuan's reappointment as central bank governor.

Taking into consideration personnel changes last year in China Construction Bank Corp, Shanghai Pudong Development Bank, and Ping'an Bank, analysts said China's financial institutions have entered an intensive phase of the rotation of senior executives.

However, the executives will face challenges in their new posts, as financial reforms gain pace.

BOC now has the biggest overseas operations among all Chinese banks, accounting for about 23 percent of its assets at the end of December, according to data compiled by Bloomberg.

The bank is also the only Chinese lender included in the Financial Stability Board's global list of 28 systemically important financial institutions.

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