ICBC Chairman Jiang is set to retire

China's largest commercial lender by assets is on the verge of replacing its chairman, people with knowledge of the matter said on Friday. They said Jiang Jianqing, 63, is set to retire from his position as chairman of Industrial and Commercial Bank of China Ltd.

A person, who declined to be named, said the bank held an internal meeting this week to discuss the matter. At the meeting, senior managers were asked to nominate a new chairman and a president, and the results are expected to be announced a month later.

Yi Huiman, who was born in 1964 and has served as president of the ICBC since May 2013, may replace Jiang as the chairman. Yi's position may be taken by Qian Wenhui, chairman of the bank's Board of Supervisors, reported hexun.com, a Beijing-based business news website.