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Money

Top BoCom exec moves to Chinese State fund

(Agencies)
Updated: 2010-04-09 09:35
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The No 2 executive of Bank of Communications is moving to a top job at Central Huijin, the domestic arm of China's sovereign wealth fund, five sources close to the situation said on Thursday.

Bank of Communication (BoCom)?deputy head Peng Chun will replace Xie Ping as general manager of Central Huijin.

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Xie will continue to serve as deputy manager of the sovereign wealth fund, China International Corp, which has $300 billion under management, the sources said.

They were unable to shed light on the reason for the reshuffle.

HSBC Holdings Plc owns about a fifth of BoCom, China's fifth-biggest lender.

Central Huijin holds the State's controlling stakes in Industrial and Commercial Bank of China, Bank of China and China Construction Bank.