China Postal Savings Bank Names Lu Jiajin as Its New President

Postal Savings Bank of China named Lu Jiajin as its new president, eight months after saying his predecessor was being investigated by authorities.

The bank’s previous president, Tao Liming, was formally arrested in December, Caixin Media magazine New Century reported Jan. 7, citing an unidentified person. Tao was assisting officials after coming under “suspicion of personal economic problems,” Beijing-based Postal Savings Bank said in a June statement, without elaborating.

Li Guohua was named board chairman, the bank said in the same Feb. 1 statement that announced Lu’s appointment.

The bank had 39,000 outlets across China at the end of October, with 4.5 trillion yuan ($722 billion) in local and foreign-currency deposits, according to its website. Its total assets were 4.7 trillion yuan.

Lu, 44, was previously a vice president at the bank, according to his biography on the website.