Three of China’s Big State-owned Banks Still Leaderless Following Spate of Resignations

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Several of China’s big state-owned banks are still awaiting the replacement of their top executives following a spate of resignations since November.

Industrial and Commercial Bank of China (ICBC) announced on 5 January that Gu Shu (谷澍) had resigned from the positions of president, deputy chair and executive director.

53-year old Gu is a 22-year veteran of ICBC who was appointed president of ICBC in September 2016. He holds a PhD in economics from Shanghai University of Finance and Economics (SUFE) which he obtained in 1998.

The ICBC announcement follows an announcement made by Postal Savings Bank of China (PSBC) on 4 January that it had received an application from Guo Xinshuang (郭新双) to resign from the positions of executive director, and bank president.

Guo has reportedly been appointed to the position of chief supervisor and deputy party secretary of China Life Insurance Company, subject to approval from the authorities.

A total of three of China’s big state-owned bank are currently without presidents, including ICBC, PSBC and China Construction Bank (CCB).

On 27 November 2020 Liu Guiping (刘桂平) officially resigned from the position of president of CCB, to take up the post of deputy governor of the Chinese central bank.

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