China sovereign fund names banker as executive vice president

BEIJING, June 30 Mon Jun 30, 2014 12:20am EDT

BEIJING, June 30 (Reuters) - China Investment Corp., China's $575-billion sovereign wealth fund, said it has appointed a career banker as its new executive vice president.

Liu Guiping will be one of five executive vice presidents at CIC, the fund said in a short announcement on its website.

A former banker at Agricultural Bank of China, China's fourth-biggest bank, Liu oversaw the retail banking business.

The website said Liu, who turns 48 this year, has a Ph.D. in economics.

CIC reported that it had a return of around 11 percent in 2012, reversing a loss in 2011. The fund has not reported how it performed last year. (Reporting by Koh Gui Qing)