Ping An Bank Says Board Changes Planned After Shake-Up Reported

  • Shenzhen-based bank says term of board is set to end soon
  • President, chairman have resigned, 21st Century reports

Ping An Bank Co., one of China’s smaller national lenders, said it’s planning for board changes, after a news report that its chairman and president had resigned.

The Shenzhen-based lender said that the board’s term will end shortly, in a statement Thursday to the city’s stock exchange.

The 21st Century Business Herald reported late Wednesday that President Shao Ping and Chairman Sun Jianyi had resigned, citing unidentified people. Ping An Bank Vice President Hu Yuefei will become acting president while Xie Yonglin, an executive of Ping An Insurance Group Co., will become chairman, according to Caixin magazine.

The board will meet to approve the bank’s third-quarter earnings statement, to be announced on Oct. 20. The lender’s operations are normal and all members of its board and management team are performing their duties as usual, Ping An Bank said.

Controlled by Ping An Insurance Group and once known as Shenzhen Development Bank Co., the lender had assets of 2.8 trillion yuan ($417 billion) at the end of June. Like many Chinese banks, Ping An Bank is grappling with slower profit growth and increased bad loans.

In August, the 21st Century Business Herald reported that Assistant President Liu Shuyun, who headed the bank’s Beijing branch, was being investigated by the authorities, citing unidentified people. At the time, the bank declined to comment on the report. The newspaper said Liu had been removed from his post.

— With assistance by Jun Luo, and Paul Panckhurst

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