Leadership shuffle at Bank of Jinzhou raises questions about ICBC-led ‘investment’ in July, as credit drought wreaks damage on regional lenders
- Guo Wenfeng, 47, a veteran banker with ties to ICBC, will take up the top post at Bank of Jinzhou
- Beijing may be seeking a new approach after Baoshang rescue triggered tightening in the interbank market, analysts say
Bank of Jinzhou has appointed Guo Wenfeng, 47, to take over the post of governor at the mid-sized regional lender, part of a personnel shake-up affecting half a dozen senior positions, according to filings and news reports since Friday.
Guo will be transferred from a current position with Industrial and Commercial Bank of China (ICBC), according to a Hong Kong stock exchange filing. Three other senior appointments will also involve personnel currently with ICBC, according to reports.
Analysts said the leadership reshuffle may show that a stake purchase last month led by ICBC was actually a bailout for the lender based in Liaoning province in northeastern China.
Bank of Jinzhou grabbed attention in June, after it became the first regional commercial bank to receive credit enhancement from China’s central bank.
Earlier this year Ernst & Young Hua Ming LLP and Ernst & Young resigned as auditors for the bank, citing concerns over loans it had made to institutional customers.