China's sovereign wealth fund to reshuffle senior exec posts: report

11:11, April 10, 2010      

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China Investment Corporation (CIC) will soon reshuffle its senior mangerial posts as the country's sovereign wealth fund and other top state-owned lenders are gearing up for the initial public offering of Agricultural Bank of China, reported Saturday's China Daily.

Vice President of Bank of Communications (BankComm) Peng Chun will soon replace Xie Ping as general manager of Central Huijin Investment Ltd., the domestic entity of China's sovereign wealth fund, the daily cited "people with knowledge of the matter" as saying.

The English-language newspaper said Xie would remain a vice president of China Investment Corporation (CIC), which manages 300 billion U.S. dollar sovereign wealth fund.

Fan Yifei, vice president of China Construction Bank, the country's second largest lender by market value, will transfer to CIC as a vice president, reported the newspaper.

Fan will run CIC's IT and business operations, while Xie will assist CIC general manager Gao Xiqing on overseas investments as CIC's deputy chief investment officer.

BankComm is China's fifth biggest bank and Central Huijin holds the State's controlling stakes in Industrial and Commercial Bank of China, Bank of China and China Construction Bank, the country's big three State-run banks.

Source: Xinhua


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