Bank’s new head expected to drive IPO
Print Edition
THE Bank of Shanghai has a new president who is expected to take charge of the lender’s initial public offering.
Hu Youlian, vice president at the bank, was promoted to president yesterday, according to Shanghai Organizational Department. His promotion came as part of latest personnel changes in senior management in the city’s banking system.
Hu’s promotion came after the lender’s IPO was approved on December 30, with the market expecting that to be the primary task for Hu.
The post had been left vacant since last February.
Hu, 53, was responsible for retail and Internet finance business after he joined the Bank of Shanghai. The profit contribution of the bank’s personal finance business rose to 14.9 percent last year from 9.3 percent in 2014 during Hu’s term as vice president, according to lender’s annual report.
Hu was previously deputy chief of the finance and accounting division at the China Construction Bank Jiangsu branch.
Other recent management reshuffles included Ji Guangheng, former vice president of Shanghai Pudong Development Bank, named as chairman of Shanghai Rural Commercial Bank on rumors of a merger.
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