Exclusive: China Construction Bank nominates Bank of China boss to be its next chairman - sources

Updated: Mon, Jul 31, 2017
05:09 pm
Reuters

China Construction Bank Corp (CCB), the country`s second-biggest bank, has nominated Tian Guoli, the boss of the smaller Bank of China Ltd, to be its next chairman, three sources with knowledge of the matter said.

In a closed-door meeting on Monday, the Communist Party`s powerful organisation department, which oversees personnel decisions, told senior CCB executives that Tian, 57, has been named the bank`s party secretary, the sources told Reuters.

Top personnel changes at the big four state-controlled banks normally requires the blessings of the party`s Standing Committee - the pinnacle of power in China.

An announcement about Tian`s party secretary role and nomination to be CCB`s chairman could come as early as later on Monday, one of the sources said.

CCB and BOC declined to comment.

CCB`s current chairman, Wang Hongzhang, 63, has reached retirement age. The former central bank official has been heading the bank since late 2011.

Tian`s move from BOC to CCB is "unusual", as top bosses at China`s powerful big four state banks normally get promoted to high-ranking positions at China`s financial regulatory bodies, said a source familiar with the matter.

Tian was previously widely regarded in the industry as a candidate for a top job at a financial regulator, the source added.

Two sources with knowledge of the matter said Chen Siqing, president of state-controlled Bank of China (BOC), the country`s fourth-largest lender, is likely to be promoted to Tian`s chairman position.

Tian and Chen`s moves need to be approved by the respective boards of the banks, both of which are listed in Shanghai and Hong Kong.

Tian, after graduating with a bachelor`s degree in economics, started his banking career at a local CCB branch in 1983 and climbed to a senior role as assistant governor during his 16 years of service at the bank.

Tian worked under China`s current anti-corruption chief, Wang Qishan, when Wang was running CCB in the 1990s.

In 1999, Tian left CCB to help establish China Cinda Asset Management Co, one of the country`s Big Four state-owned bad debt managers created to take over distressed assets from big state banks.

In 2013, Tian moved to BOC to head China`s fourth-largest lender.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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