ICBC names Chen Siqing as chairman: report

Chen has served as Bank of China’s chairman since August 2017.

The world’s largest bank by assets, Industrial & Commercial Bank of China (ICBC) has reportedly tapped Bank of China (BoC) chairman Chen Siqing as its new head, sources told Reuters.

The new chairman, who headed BoC since August 2017, will have to steady ICBC’s profitability as the Chinese economy slows, threatening a spike in bad loans. In October-December, ICBC saw no quarterly profit growth for the first time since 2016.

The appointment is still pending regulatory, shareholder and board approvals, said one of the sources.

The last ICBC chairman, Yi Huiman, was appointed as the head of China Securities Regulatory Commission.

Here’s more from Reuters.