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April 22, 2019, 4:20 p.m. EDT

China : China names Chen Siqing to head world's largest bank

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Apr 22, 2019 (Euclid Infotech Ltd via COMTEX) -- China has named a new chief for Industrial & Commercial Bank of China Ltd, the world's largest lender by assets, people with knowledge of the matter said.

Chen Siqing, chairman of Bank of China Ltd, was appointed as party secretary of Beijing-based ICBC at an internal meeting on Monday (April 22), 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 Co 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 Corp 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.

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