The head of one of China’s big four state-owned banks has just resigned to take up a top position with one of the country’s policy lenders.
A public announcement from Agricultural Bank of China (ABC) said that Zhao Huan (赵欢), the bank’s president and vice-chair, delivered his letter of resignation to the board on 29 September which was effective immediately.
The meeting also gave its approval to ABC chair Zhou Mubing (周慕冰) executing the professional duties of bank president.
A report from Securities Daily further indicates that a cadre meeting of the China Development Bank held on 27 September announced the appointment of Zhao Huan to the position of party secretary, while also nominating him to the position of chair.
Zhao Huan was appointed to the position of vice-chair, executive chair and president of ABC in March 2016.
Zhao previously held key positions at China Construction Bank, were he was appointed vice president in May 2011.
In January 2014 Zhao was appointed to the position of executive chair of China Everbright Group, before serving as president and executive chair of Everbright Bank.