Yi Huiman, new chairman of ICBC Photo: IC Yi Huiman was elected as the new chairman of Industrial & Commercial Bank of China (ICBC) after Chairman Jiang Jianqing resigned, ICBC told the Global Times on Thursday.
Jiang's resignation took effect immediately as it had already been tendered to the board, said ICBC, noting that the new election is still pending the approval of the China Banking Regulatory Commission.
Jiang resigned on Tuesday, but analysts said his departure probably won't have much impact on the bank's operations.
The change took place because this year Jiang turned 63, which is the highest retirement age regulated by government, an announcement posted on ICBC's website said.
"The business of ICBC is on track." Luo Yuding, vice president of the Finance Institute at the Shanghai University of Finance and Economics, told the Global Times on Thursday.
"Jiang's retirement won't lead to turmoil at ICBC. Yi has already taken up the position as president. So as he continuously develops insights into ICBC's main business, ICBC will maintain stable growth," said Luo.
An employee at ICBC declined to disclose where Jiang might work after his retirement.
But news portal jiemian.com on Wednesday quoted an unnamed source as saying Jiang will probably take charge of the preparations for the China-Central & East Europe Financial Holding Co.
ICBC plans to invest 1.1 billion euros ($ 1.2 billion) to set up the new company, focusing on infrastructure construction and cooperation for production capacity in line with the "One Belt and One Road" initiative.
The move signals ICBC's expansion into Central and Eastern Europe, according to an announcement posted on ICBC's website on Wednesday.
"Under Jiang's leadership, the management and operation of the new company is highly likely to be more effective," Wang Danqing, a partner with Beijing-based ACG Management Consultancy, told the Global Times on Thursday. |
