The chairman of China’s largest bank has stepped down with a new successor announced.
Chen Siqing, the chairman of Industrial and Commercial Bank of China (ICBC), has tendered his resignation to the board of directors, according to a statement, effective immediately. Chen will also relinquish his role as executive director as well as chair and member of board’s strategy committee.
The statement added that Chen, 63, was retiring due to his age and that he confirmed there was no disagreement with the bank’s board of directors nor were there any related matters that needed to be brought to the attention of the shareholders and creditors.
Successor
ICBC president and board vice-president Liao Lin has been elected as the new chairman, according to a separate statement. The appointment is subject to approval by China’s National Administration of Financial Regulation (NAFR).
To ensure «smooth operation and management of the bank», Liao will continue to perform the president’s duties until a successor officially takes office.
