Bank of China
Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.
Change of guard likely to start bank reform
People's Bank of China vice-governor Su Ning is likely to replace Chen Yuan as head of the China Development Bank (CDB) to start the delayed restructuring of the state-owned policy lender, according to mainland media.
The central bank's restructuring proposal, which would see the CDB become a fully commercial bank, had been approved by top government officials and would start soon after Mr Su, 60, took office, the Economic Observer reported yesterday, citing an unnamed source.
But it did not disclose when Mr Su would join CDB or what Mr Chen, 62, would do next. Reuters reported yesterday that he is a candidate for central bank governor, replacing Zhou Xiaochuan , who is expected to be moved to the Chinese Academy of Social Sciences.
Mr Chen, the son of Chen Yun , a close aide of former leader Deng Xiaoping , has made efforts to transform the policy lender into a commercial bank over the past nine years.
CDB, which has been a part owner of British bank Barclays since July, provides loans to the mainland's largest infrastructure projects and offers financial aid for industrial giants to acquire overseas projects.
Under the restructuring proposal it would continue with its policy-lending business, but not be confined to that area, the report said, although retail banking would be off limits at first. The ultimate goal, it said, was a listing, which would be two or three years away.
Mr Su, 60, is head of the central bank's Shanghai branch.
Han Meng , an economist at the Chinese Academy of Social Sciences, said age was an important factor in the government's consideration of personnel reshuffle.
'We will see more young leaders in various departments as it is a policy adopted by the central government, so there's no exception in the important financial sector,' Mr Han said.