What’s new: Wang Liang, who has been in charge of China Merchants Bank Co. Ltd. (CMB) (600036.SH) since the removal of the former president last month, has been appointed its president, the bank announced on Thursday.
The appointment is pending approval from the banking regulator.
Wang was also appointed chief of CMB’s Communist Party committee, a position usually held by president, on the same day, the bank’s website shows.
The 56-year-old banker has worked for CMB, China’s seventh-largest commercial bank by total assets, for 26 years. He joined the lender in 1995, and climbed the ladder to become chief financial officer in 2019 and first executive vice president last year.
Sources at CMB described Wang as professional, pragmatic, meticulous, fair, broad-minded and low-profile.
The background: Wang was voted by the board to head CMB in the interim upon the removal of former President Tian Huiyu on April 18. Tian was subsequently revealed to have been put under investigation by the country’s top corruption watchdog.
In the first quarter, CMB’s net revenue grew 8.4% year-on-year, while its net profit rose 12.5%, its latest earnings report shows. As of the end of March, its nonperforming loan (NPL) ratio was 0.94%, up 0.03 percentage points from the end of last year. The ratio of NPL loans to property developers was 2.57%, up 1.18 percentage points.
Contact reporter Zhang Yukun (yukunzhang@caixin.com)
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