Veteran of China’s Postal Service Tapped to Head Big State-owned Bank CCB

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The top ranks of China’s big state-owned banks are about to undergo a significant reshuffle, with a senior exec from Bank of Communications (BOCOM) expected to head China Construction Bank (CCB).

Lu Jiajin (吕家进), deputy-head of BOCOM, is expected to take over as head of CCB according to a report from China Securities Journal.

52-year old Lu is a 31-year veteran of China’s postal administration who first joined the workforce in 1988 in Henan province, before rising to the position of postal department head in the Henan city of Xinxiang in 1999.

From 2001 – 2004 he served as vice-head of the Henan province postal administration, before eventually becoming vice-national head from 2005 – 2007.

In 2007 Lu joined the Postal Savings Bank of China (PSBC), which only last year was designated a big state-owned bank by the Chinese central bank. Lu eventually rose to the position of PSBC president, and oversaw its listing on the Hong Kong Stock Exchange in September 2016. In January 2019 Lu joined BOCOM, as vice-president.

BOCOM has undergone a number of major executive changes in 2020, with the appointment of Zhou Wanfu (周万阜), formerly the board secretary of Agricultural Bank of China (ABC), as vice-chair of BOCOM on 27 March.

BOCOM’s executive director and vice-president Hou Weidong (侯维栋) resigned on the grounds of age on 27 April, while 48-year-old Liu Jun (刘珺) was appointed president on 21 May – becoming the youngest ever head of a big state-owned bank in China.

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