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Lee leaves Deutsche for ICBC role
By Zhang Fengming |
April 20, 2010, Tuesday
|
Online Edition
Online Edition
LEE Zhang, chairman of Deutsche Bank China, is leaving to join Industrial and Commercial Bank of China as a vice president.
ICBC is the first state-owned bank to offer a senior management position to an executive from a foreign bank.
Zhang, 45, who is also head of global banking, Asia Pacific, is leaving the German bank to join ICBC, the world's largest bank by market value, ICBC said in a stock exchange filing.
The appointment is subject to approval from the China Banking Regulatory Commission.
Zhang is expected to leave at the end of May.
Chinese authorities have been in close liaison with Deutsche Bank in relation to this appointment, the western bank said.
"We wish Lee well in his new role," said Josef Ackermann, chief executive officer and chairman of Deutsche Bank. "China is and will remain a global priority market for Deutsche Bank."
Zhang is a member of the National Committee of the Chinese People's Political Consultative Conference, an advisory body to China's legislature. He is also a financial adviser to the city of Beijing and the governor of northern Heilongjiang Province.
Zhang joined Deutsche Bank from Goldman Sachs Group in February 2001 as head of its China corporate finance business.
ICBC is the first state-owned bank to offer a senior management position to an executive from a foreign bank.
Zhang, 45, who is also head of global banking, Asia Pacific, is leaving the German bank to join ICBC, the world's largest bank by market value, ICBC said in a stock exchange filing.
The appointment is subject to approval from the China Banking Regulatory Commission.
Zhang is expected to leave at the end of May.
Chinese authorities have been in close liaison with Deutsche Bank in relation to this appointment, the western bank said.
"We wish Lee well in his new role," said Josef Ackermann, chief executive officer and chairman of Deutsche Bank. "China is and will remain a global priority market for Deutsche Bank."
Zhang is a member of the National Committee of the Chinese People's Political Consultative Conference, an advisory body to China's legislature. He is also a financial adviser to the city of Beijing and the governor of northern Heilongjiang Province.
Zhang joined Deutsche Bank from Goldman Sachs Group in February 2001 as head of its China corporate finance business.
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