Three of China’s Big State-owned Banks Could Soon Be Headed by Everbright Alumni

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Three out of the four original big state-owned banks in China are on track to be led by bankers who formerly held senior roles at China Everbright Bank.

Everbright Bank president Fu Wanjun (付万军) was appointed deputy party secretary of Agricultural Bank of China (ABC) on 14 November, in order to pave the way for his appointment to the position of ABC president, according to sources speaking to state-owned media.

Fu was appointed president of China Everbright Bank in June 2021, after serving as vice general manager of Everbright Group since the first half of 2019. He previously held a range of positions at big state-owned lender Bank of Communications, including senior roles at branches throughout Xinjiang province, as well as in Yinchuan and Chongqing.

Should Fu assume the role of president of ABC, he will become the third former Everbright Bank president to serve as current head of a big state-owned bank, alongside Zhang Jinjiang (张金良), president of China Construction Bank (CCB) and Liu Jin (刘金), president of Bank of China.

Other former Everbright Bank presidents to hold key roles in the Chinese financial and regulatory system include Zhao Huan (赵欢), chair of policy lender China Development Bank; and Ge Haijiao (葛海蛟), deputy governor of Hebei province.