April 18, 2018 / 6:56 AM / a year ago

Senior banking regulator Wang Zhanfeng to be named China Huarong chairman: sources

FILE PHOTO - Logos of China Huarong Asset Management Co are seen during a finance expo in Beijing, China October 30, 2014. China Daily via REUTERS/File Photo

BEIJING (Reuters) - Senior Chinese banking official Wang Zhanfeng is set to be named chairman of China Huarong Asset Management Co Ltd (2799.HK), replacing the former head who is under investigation for alleged corruption, two people with knowledge of the matter told Reuters on Wednesday.

Li Xin, chief supervisor of China Orient Asset Management Co Ltd, will be named president of Huarong, one of China’s largest state-owned bad debt managers, the people said, declining to be identified as the information was not public.

Huarong and China Orient did not immediately respond to Reuters requests for comment.

Reporting by Shu Zhang, Li Zheng and Ryan Woo

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