Chinese regulators have just approved the appointment of one of the youngest ever chairmen of a big state-owned bank in China.
Agricultural Bank of China (ABC) announced that on 10 February it had obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) to appoint 53 year-old Gu Shu (谷澍), formerly the head of the Industrial and Commercial Bank of China (ICBC), to the position of board chairman, as well as member and chair of the board’s strategic planning and sustainable growth committee.
The approval follows the appointment of Gu to the position of party secretary of ABC at the end of December, following the retirement of 63 year-old Zhou Mubing (周慕冰) on the grounds of age.
Gu is a long-standing veteran of China’s biggest bank – ICBC, and was appointed its president, deputy-party secretary and deputy-chair in September 2016.
After obtaining a bachelor’s degree in engineering from Shanghai Jiaotong University and a PhD in management from the Shanghai University of Finance and Economics, Gu joined the accounts and settlement department of ICBC in March of 1998.
Gu was also a visiting scholar at the University of Pennsylvania from September 2002 to September 2003.