Tian Guoli takes the helm of Bank of China

BEIJING -- Bank of China (BOC), the country's fourth largest lender by asset value, announced that Tian Guoli has taken office as its chairman starting on Friday.

Tian, former vice chairman and general manager of the China CITIC Group, joined BOC as its Party secretary in April after former BOC Party secretary and chairman Xiao Gang was named the head of the nation's top securities regulator.

The latest change is part of a broader post reshuffling in China's banking industry.

Earlier this month, Yi Huiman, vice president of the Industrial and Commercial Bank of China, replaced Yang Kaisheng as the bank's president.