The chair of Bank of China has been appointed the new head of big four state-owned lender Industrial and Commercial Bank of China (ICBC) – the world’s largest bank in terms of assets.
Sources said to Bloomberg that Chen Siqing was appointed party secretary of ICBC at an internal meeting held on 22 April, as a replacement for sYi Huiman.
Yi vacated the position in January prior to his appointment as chair of the China Securities Regulatory Commission (CSRC).
Chen is also expected to be appointed to the position of ICBC chairman given establishment precedent for the appointment of senior executives.
ICBC is the world’s biggest bank, with USD$4.1 trillion in total assets as of the end of 2018. The lender saw record profits of 297.7 billion yuan last year as Beijing drove increased lending to help prop up easing economic growth.