May 20 (Bloomberg) -- Bank of Communications Co., China’s fifth-largest lender, promoted Niu Ximing to chairman in the latest executive change at the nation’s state-controlled banks.
President Niu will replace Hu Huaibang, who was named party secretary of China Development Bank Corp. last month, Shanghai-based Bank of Communications said in a statement to the Hong Kong stock exchange today. The appointment is subject to China Banking Regulatory Commission approval.
The changes are part of a once-a-decade leadership transition that culminated with Xi Jinping becoming president and Li Keqiang named premier. The shift also saw the nomination of a new finance minister, Zhou Xiaochuan’s reappointment as central bank governor and new leadership at Bank of China Ltd.
Niu joined Bank of Communications, also known as BoCom, in December 2009 after serving in various positions at Industrial & Commercial Bank of China Ltd., the world’s largest bank by market value, since 1986. Earlier he worked at the central bank, according a biography posted on BoCom’s website.
Peng Chun, general manager of Central Huijin Investment Co. and a former BoCom vice president, may become president, a person familiar with the matter said on May 10.
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