Former WeBank President Cao Tong Appointed Chair of Shanghai Huarui Bank

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The former president of Tencent-backed private lender WeBank is set to assume the role of chairman for another pioneering private Chinese bank.

On 29 July the China Banking and Insurance Regulatory Commission (CBIRC) announce that it had approved the appointment of Cao Tong (曹彤) to the position of board member and chair of Shanghai Huarui Bank.

Cao Tong is a veteran of the Chinese banking sector, having previously held positions at China CITIC Bank, China Export-Import Bank, and private digital lender WeBank.

Shanghai Huarui Bank is one of the first five private banks approved in China as part of an initial round of trials. It has registered capital of 3 billion yuan, and was established by over 10 privately operated enterprises including Shanghai Juneyao Group.

Huarui obtained approval to commence operations in January 2015, before officially kicking off operations in May of the same year.

In 2021 Shanghai Huarui posted operating revenues of 1.601 billion yuan for a year-on-year (YoY) rise of 38.3%; and post-tax net profits of 223 million yuan, for a YoY rise of 9.97%.

Its total assets stood at 46 billion yuan as of the end of last year, while its non-performing loan ratio was 1.67% and its provisions coverage ratio was 190.20%.