Chen Siqing named ICBC chairman as string of management changes at China’s top financial institution continues
- Chen Siqing was appointed party secretary of ICBC, the world’s largest lender, on Monday
- Chen takes over from Yi Huiman, who became chairman of the China Securities Regulatory Commission, in January
China has named a new chief for Industrial and Commercial Bank of China, the world’s largest lender by assets, people with knowledge of the matter said.
Chen Siqing, chairman of Bank of China, was appointed as party secretary of Beijing-based ICBC at an internal meeting on Monday, the people said, asking not to be identified as the matter is private.
Chen is replacing Yi Huiman, who became chairman of the China Securities Regulatory Commission, the country’s top securities regulator, in January.
Chen is expected to also be named ICBC’s chairman, a position that has traditionally been held by the same person who has served as party secretary, according to the people. The bank had US$4.1 trillion of total assets at the end of 2018.
The reshuffle adds to a string of management changes at China’s top financial institutions and regulators.
Peng Chun, chairman of Bank of Communications was appointed head of China’s US$941 billion sovereign wealth fund earlier this month, while Liu Guiping, vice-mayor of the southwestern city of Chongqing, was named president of China Construction Bank in March. China has yet to fill the chairmen positions at Bank of China and Bank of Communications, the nation’s fourth and fifth largest lenders.