Bank of China chief Liu Jine resigns amid wider financial sector scrutiny

(MENAFN) Liu Jin, the Chairman of bank of China, has stepped down after more than three years in his role, as confirmed by a statement filed with the Shanghai Stock Exchange. Liu, who also held the positions of vice chairman and chief executive officer, resigned from all his roles on August 25, citing personal reasons. His departure follows his absence from a recent board meeting. Bank of China, one of the four major state-owned banks with a significant international presence, has appointed Ji Haijiao, the current chairman of the board, to serve as the acting chairman in Liu’s place.

Liu Jin, 57, has had an extensive career in China’s banking sector, holding senior positions at several major institutions, including the Industrial and Commercial Bank of China and China Development Bank. Before joining Bank of China as vice chairman and president in 2021, he served as the chairman of China Everbright Bank. His resignation comes at a time of intensified scrutiny and regulatory oversight in China’s financial sector, as President Xi Jinping continues a widespread anti-corruption campaign that has targeted the country’s largest financial institutions and regulatory bodies since April.

The new acting chairman, Ji Haijiao, 52, has been with Bank of China since 2023. Before his current role, Ji was a prominent figure in Hebei Province’s political landscape, serving as a member of the Standing Committee of the Communist Party of China and as Vice Governor from September 2019 to March 2023. He also has significant experience in the financial sector, having held executive positions at China Everbright Bank, including Group CEO and CEO of China Everbright Bank Co., Ltd., in 2019. Liu’s resignation underscores the ongoing shifts in leadership within China’s financial sector as part of the broader crackdown aimed at tightening control and addressing corruption within the industry. 

MENAFN26082024000045015682ID1108600330