On the move

Citi exit sparks rejig of CGB board : Liu vice-chairman

The top management of China Guangfa Bank has been reshuffled after Citigroup's withdrawal. Board chairman Dong Jianyue and director Morris Li, as well as the management team from Citigroup, have reportedly left office, completing the equity transfer between Citigroup and China Life Insurance (Group) Company. Liu Jiade, one of the board directors of CGB, was elected vice-chairman to perform duties as the chairman. Deputy Director Zhang Fengming will act as a director during the transition. According to the China Business Journal, chairman of the CLIC board, Yang Mingsheng, will concurrently be the chairman of CGB until a full-time replacement is found. Citigroup and CLIC agreed on an equity transfer deal this February, making CLIC the single largest shareholder of CGB. This marriage of banking and insurance businesses is expected to better address risks for both.

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