SHANGHAI, May 8 (Reuters) - China Merchants Bank is expected to announce on Wednesday that its President Ma Weihua will retire in June, two banking sources said.
Ma, 64, will be replaced by Tian Huiyun, vice president of state-owned China Construction Bank , said the sources who have direct knowledge of the changes but who are not authorised to make the information public.
Ma and a China Merchants Bank spokesman declined to comment on the matter when contacted by Reuters. Ma was the bank’s president for 14 years.
China Merchants Bank, the country’s seventh biggest lender in terms of market capitalisation, is renowned for its retail and Internet banking services.
Like its peers, the bank is suffering from a slowing economy, shrinking interest margins and worsening credit conditions. ($1 = 6.1541 Chinese yuan) (Additional reporting by Chen Yixin, Samuel Shen and Zhao Hongmei; editing by Miral Fahmy)