SINOWEEKLYPLUS

What will become of HNA; forecasting the Two Sessions personnel reshuffle

SinoInsight 1
On Feb. 14, the China Banking Regulatory Commission approved the appointment of Bank of Communications Party secretary and president Peng Chun as the bank’s chairman. Peng’s promotion means that two of China’s five biggest banks (Bank of Communications and Bank of China) have replaced their chairman in the past six months. In recent years, the Bank of Communications was found to have violated many regulations.

OUR TAKE
Top personnel changes in China’s biggest state banks are part of the Xi Jinping leadership’s efforts to clean up the financial sector post-19th Party Congress. Because the bulk of China’s financial risks are concentrated in the banking system, there could be more personnel reshuffles in the banks this year.

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