Senior executive movements at China’s top banks

Changes follow the once-in-a-decade leadership transition at the Chinese communist party.

Bank of China Ltd., the fourth-biggest lender, appointed Tian Guoli as its new party secretary, paving the way for his becoming the bank’s chairman.

Tian will take over the only Chinese lender included in the Financial Stability Board’s global list of 28 systemically important financial institutions.

On the other hand, Hu Huaibang, chairman of the Bank of Communications since 2008, resigned due to “the demands of national financial work.”

Hu will replace Chen Yuan as chairman of China Development Bank Corporation, the world’s largest policy bank. Chen will help set up a new development bank for the BRICS countries.