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China Construction Bank vice president to head China Everbright Bank- sources
January 13, 2014 / 8:36 AM / 4 years ago

China Construction Bank vice president to head China Everbright Bank- sources

HONG KONG/BEIJING, Jan 13 (Reuters) - A vice president of China Construction Bank , Zhao Huan, will leave the bank to become president of China Everbright Bank , a mid-sized lender, two sources briefed on the changes told Reuters on Monday.

The current president of Everbright, Guo You, will become the chairman of CCB’s board of supervisors, said the sources, who asked for anonymity because the personnel changes are not yet public.

The director of the China Securities Regulatory Commission’s regulation department, Huang Yi, will take over as CCB vice president, the sources said.

CCB is the world’s second-largest bank by market capitalisation. Everbright’s initial public offering last year was the largest in Hong Kong in 2013.

While at CCB, Zhao was in charge of the financial markets division and has deep experience in liquidity management and bond market investment, the sources said.

Mid-sized banks such as Everbright are facing challenges managing liquidity as China’s central bank guides interbank rates higher.

In disclosures related to its IPO, Everbright said that it briefly defaulted on interbank loans worth 6.5 billion yuan ($1.07 billion) during a severe cash squeeze in June. ($1 = 6.0521 Chinese yuan) (Reporting by Bi Xiaowen in HONG KONG, Xie Heng and Matt Miller in BEIJING; Writing by Gabriel Wildau; Editing by Kazunori Takada)

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