China Construction Bank Corp.’s (CCB) chairman Guo Shuqing and Agricultural Bank of China’s (AgBank) chairman Xiang Junbo have stepped down from the country’s biggest banks to manage government-related work, The Wall Street Journal reports. The resignations point to a major shift in the leadership of China’s financial sector.
Guo joined the country’s second biggest lender by assets in March 2005. He was also a deputy governor of the People’s Bank of China, China’s central bank, and head of the State Administration of Foreign Exchange. Xiang, who joined China’s third largest bank by assets in 2007 as president and later became chairman, was previously a deputy governor of the central bank. He had led the biggest initial public offering by AgBank, raising $22.1 billion from a dual listing in Shanghai and Hong Kong.
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