Chinese Bank Hires Foreign Banking Brain

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Last updated at: (Beijing Time) Saturday, January 26, 2002

Chinese Bank Hires Foreign Banking Brain

The China Minsheng Banking Corp (CMBC), one of the country's largest non-state-owned commercial banks, became the first Chinese bank to employ a foreign expert as a senior adviser.

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The China Minsheng Banking Corp (CMBC), one of the country's largest non-state-owned commercial banks, became the first Chinese bank to employ a foreign expert as a senior adviser.

Junior Thomas Macy, a former Price Waterhouse Coopers Partner, became a senior adviser to CMBC's chairman, Jing Shuping, "China Daily" reported Saturday.

Macy described his duties in CMBC as to improve corporate governance according to international banking practices, which CMBC badly needs.

This is the highest position a Chinese bank has offered to a foreign expert in its campaign to introduce foreign talents following China's entry to the World Trade Organization (WTO).

Jing, also vice-chairman of the National Committee of the Chinese People's Political Consultative Conference, said, "Only with the knowledge about the strength of both foreign and Chinese banks can we succeed in the coming battle."

"With the help of Macy, we aim to promote the corporate governance of CMBC up to international standards, so as to make a systematic transition into an international bank," he added.

China's banking industry is expected to meet tremendous challenges following its WTO accession, which will undoubtedly see a flood of foreign entrants. ��

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