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BoCom appoints new president, profit growth slows
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Bank of Communications said yesterday that it has appointed Peng Chun as new president after Niu Ximing resigned from that role but remained the chairman of the fifth-biggest lender in China.
The appointment of Peng is still subject to the China Banking Regulatory Commission’s approval, Shanghai-based BoCom said in an exchange filling last night.
Peng, 51, had previously served at BoCom for 16 years until he became the general manager of Central Huijin Investment Ltd in 2010. Central Huijing is the wholly owned subsidiary of China’s sovereign wealth fund, China Investment Corp, that holds the government’s stakes in nation's biggest banks - China Development Bank, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China.
Niu, 57, has stayed at the office of the president at BoCom for three years and eight months before his recent resignation from the role. He was elected the chairman of the bank in May this year.
BoCom also announced yesterday a 12 percent rise in net profit for the first half of the year, the weakest first-half growth in four years, as China’s slowing growth hinders loan demand, while accelerating interest rate reform erodes lenders’ margins. Total net earning reached 34.8 billion yuan (US$5.7 billion) in the first six months.
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