New chiefs at China's top banks a signal of further leadership reshuffles ahead

Shanghai

THE reshuffle at the top of two of China's largest state-controlled banks is the latest phase of a management change for the country's US$40 trillion financial industry, as the government seeks to restrain any turbulence ahead of a twice-a-decade meeting of the ruling Communist Party.

Tian Guoli, formerly chairman of Bank of China Ltd, has been named as the new chairman of China Construction Bank Corp, succeeding Wang Hongzhang, who is retiring, people familiar with the matter said on Monday. Chen Siqing, previously Bank of China's president, has been appointed to succeed Mr Tian as chairman, the bank said in a statement on Tuesday.