CHINA / National

Retirement triggers China bank shake-up
Updated: 2006-07-29 14:55

Citic Group, China's biggest state-run company, announced the retirement of its chairman, Wang Jun, on Thursday, triggering a government-directed management reshuffle among the country's biggest financial institutions.

Wang will be replaced by Kong Dan, president of the company, which is based in Beijing.

Replacing Kong as president and vice chairman of Citic is Chang Zhenming, who resigned as president of China Construction Bank.

Zhang Jianguo, in turn, resigned as president of Bank of Communications to replace Zhenming at China Construction Bank.

Citic, founded in 1979, has 44 subsidiaries spanning industries like brokerage services, banking and real estate.

The company had assets of 701 billion yuan, or $88 billion, at the end of 2004, and a profit of 1.8 billion yuan. It has operations in Hong Kong, the United States, Canada and Australia.