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China’s central bank appointed a new vice governor and a new head of its disciplinary committee while announcing the departure of another official as the nation prepares for a once-in-a-decade leadership change.
Pan Gongsheng, a former vice president and executive director at Agricultural Bank of China Ltd., was named a vice governor and Wang Huaqing, formerly secretary of discipline inspection at the China Banking Regulatory Commission, was appointed the central bank’s discipline secretary, according to profiles posted to the People’s Bank of China’s website. The website did’t give a date for the appointments or when the profiles were put up.
Du Jinfu, previously listed as a vice governor, no longer appears on the PBOC’s website.
The appointments of Pan and Wang are the latest in a sweeping reshuffle at China’s financial regulators that began last year when new heads were named for the banking, securities and insurance regulators. The ruling Communist Party is also preparing for a party congress later this year, at which President Hu Jintao and Premier Wen Jiabao are scheduled to start the handover of power to the next generation of leaders.
Pan, 48, has been involved in the listings of two of China’s four biggest lenders. He was with Agricultural Bank when it raised $22.1 billion in a 2010 initial offering and was also working at Industrial & Commercial Bank of China Ltd. when it raised $22 billion in a 2006 IPO. Agricultural Bank announced Pan’s resignation in a June 8 statement.
With Pan’s appointment, China’s central bank now has four vice governors including Yi Gang, who is simultaneously also head of the country’s foreign exchange regulator.
China’s central bank didn’t give any information about why Du, 57, was no longer listed as a vice governor. Caixin Online reported on May 28 that Du would be appointed the banking regulator’s secretary of discipline inspection. The CBRC’s website didn’t include a profile of Du today.
News department officials at the PBOC and banking regulator, who declined to be identified because of the agencies’ rules, declined to comment on whether Du was joining the CBRC.
Wang, 58, was still listed as the CBRC’s secretary of discipline on its website today. He worked at the PBOC’s bank management department from 2001 before joining the CBRC in 2003.
In October, Xiang Junbo, who was chairman of Agricultural Bank, was appointed chairman of the China Insurance Regulatory Commission. At the same time, Guo Shuqing left his position as chairman of China Construction Bank Corp. (939) to become chairman of the China Securities Regulatory Commission, replacing Shang Fulin, who was appointed head of the banking regulator.
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