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China Construction Bank nominates Bank of China boss as next chairman - sources

Monday, July 31, 2017 - 18:00

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China Construction Bank Corp (CCB) , the country's second-biggest bank, has nominated Tian Guoli, currently the boss of the smaller Bank of China Ltd, to be its next chairman, three sources with knowledge of the matter said.

[BEIJING] China Construction Bank Corp (CCB) , the country's second-biggest bank, has nominated Tian Guoli, currently the boss of the smaller Bank of China Ltd, to be its next chairman, three sources with knowledge of the matter said.

Tian, 57, was named the Communist Party Secretary of state-owned CCB in a closed-door meeting on Monday, the sources told Reuters.

An announcement could come as early as later on Monday, one of the sources said.

Two sources with knowledge of the matter said Chen Siqing, president of state-controlled Bank of China (BOC) , the country's fourth-largest lender, is likely to be promoted to take Tian's chairman position.

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CCB and BOC declined to comment.

Mr Tian, after graduating with a bachelor's degree in economics, started his banking career at a local CCB branch in 1983 and climbed to a senior role as assistant governor during his 16 years of service at the bank.

Mr Tian worked under China's current anti-corruption chief, Wang Qishan, when Wang was running CCB in the 1990s.

In 1999, Mr Tian left CCB to help establish China Cinda Asset Management Co, one of the country's Big Four state-owned bad debt managers created to take over distressed assets from big state banks.

In 2013, Mr Tian moved to BOC to head China's fourth-largest lender.

He was once considered as a suitable candidate for a senior role at the China Banking Regulatory Commission or the central bank, said a source familiar with the matter.

CCB's current chairman, Wang Hongzhang, 63, has reached retirement age.

REUTERS

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