BEIJING: The former vice president of the Industrial and Commercial Bank of China Ltd (ICBC) has taken on the role of president at Minsheng Banking Corp , three people with knowledge of the matter said on Thursday.
In January, Minsheng, China's largest private bank, said its president had resigned for personal reasons, hours after several Chinese media reports said he was being probed by the anti-corruption watchdog.
Zheng Wanchun, the former vice president of China's largest state-run bank ICBC, is now at the helm of Minsheng, the sources said, declining to be named as they were not authorised to speak to the media.
Minsheng Bank declined to comment. "Zheng Wanchun has experience dealing with non-performing assets from his time at an asset management company," a banker at Minsheng said, referring to the time Zheng spent at China Huarong Asset Management as a general manager.
"Perhaps this will help Minsheng with its bad assets," he added. China's Securities Times had reported in July that Zheng would become Minsheng's new president.
Minsheng's plans to merge its departments, with the exception of its real estate team, are currently on hold, the sources added.
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