Luxembourg-based Cedel Group, which operates clearing, settlement, custody and collateral management activities, has appointed Wang Yongli, the deputy general manager of the Bank of China's head office accounting department, as a director. The appointment took place at the group's annual meeting, at which it revealed operating income rose 16 per cent to US$490.8 million last year, while operating profit before tax and provisions rose 35 per cent to $63.6 million.
