The Bank of China is expected to announce on Thursday details of a new corporate structure, an important step towards the bank's initial public offering next year, sources said.
The plan calls for the bank to create a holding company that will contain the non-core businesses and will own most of the shares in the listed company.
Separately, the bank will soon announce a reshuffle of top management that will see new blood come in from outside. Li Lihui, a vice-governor of Hainan province, will become governor and president of the bank.
Xiao Gang, the bank's president, will become chairman and board director.
The changes are designed to satisfy investors looking for a clean, focused bank while keeping control in the hands of the central government.
'The regulators are trying to address the banking issue from various angles: restructuring, introduction of foreign strategic investors, and the strength of current management,' said one Beijing-based banker familiar with the discussions.
'They are determined ... to get this right.'
