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UPDATE 1-MOVES-China's AgBank names PBOC's Liu Shiyu as chairman
October 20, 2014 / 8:47 AM / 3 years ago

UPDATE 1-MOVES-China's AgBank names PBOC's Liu Shiyu as chairman

(Recasts, adds details on Liu, other moves, plenum)

BEIJING/HONG KONG, Oct 20 (Reuters) - Agricultural Bank of China Ltd has named Liu Shiyu as its new chairman, sources with direct knowledge of the matter told Reuters on Monday, replacing the departed Jiang Chaoliang as the head of the country’s third largest lender.

Liu, who is 53, started work at the People’s Bank of China in 1996, and was promoted to be deputy governor of the central bank in 2006.

The Communist Party frequently moves senior officials between government administrative roles and posts at China’s top regulators and financial institutions.

The country’s ruling elite are holding a meeting, called a plenum, from Oct 20 to 23 to discuss key legal and economic reforms.

Jiang, who became chairman of AgBank in January 2012, left the bank on Aug. 31 to take on the role of deputy party secretary in China’s northern province of Jilin.

Mainland Chinese media reported Liu’s appointment, which has not been officially announced, earlier on Monday.

AgBank did not immediately respond to requests for comment.

Liu’s appointment marks the second change at the top of a major Chinese financial institution in the last week. Levin Zhu, chief executive of investment bank China International Capital Corp, resigned on Oct 14.

CICC Chairman Jin Liquin will also leave the firm, Reuters later reported. (Reporting by Beijing Newsroom, Writing by Lawrence White; Editing by Clarence Fernandez)

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