ICBC names new president

Industrial and Commercial Bank of China Ltd, the world's biggest bank by assets, is to appoint a new president from within its own ranks - ending four months of speculation about who would fill the vacancy for the top job at the banking giant.

ICBC's press office confirmed on Tuesday that its Vice President Gu Shu will be promoted to president and said the official appointment will be announced after the bank holds its board meeting.

Gu, 49, who has extensive experience in finance and accounting, will be the youngest banking chief of China's big four State-owned lenders.