‘Big Six’ Bank Executive Looks Set to Become Everbright Bank’s New President

By Wu Xiaomeng, Zhu Liangtao and Qing Na

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Cheng Hao, Vice President of Bank of Communications. Photo: VCG

An official at one of China’s “Big Six” state-owned commercial banks will likely take the helm as president of China Everbright Bank Co. Ltd. (601818.SH) (中国光大银行股份有限公司), sources with knowledge of the matter told Caixin.

Hao Cheng, an executive vice president of Bank of Communications Co. Ltd. (BOCOM) (601328.SH) (交通银行股份有限公司), has been announced as a member of the Communist Party committee of state-owned financial conglomerate China Everbright Group Ltd., which controls Everbright Bank, according to the parent’s website.

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Hao Cheng, a top executive at Bank of Communications, is likely to become president of China Everbright Bank.
Hao has significant experience, including roles at China Development Bank and overseeing operations in Hong Kong at BOCOM.
BOCOM and Everbright Bank have nonperforming loan ratios below the industry average, with BOCOM at 1.32% and Everbright at 1.25%.

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Who’s Who

China Everbright Bank Co. Ltd.: China Everbright Bank Co. Ltd. (601818.SH) is one of China's 12 national joint-stock banks, controlled by state-owned financial conglomerate China Everbright Group Ltd. It had about 7 trillion yuan in total assets at the end of March. The bank's nonperforming loan ratio was 1.25%, below the industry average of 1.59%. Hao Cheng is likely to become its new president, succeeding Wang Zhiheng.

Bank of Communications Co. Ltd.: Bank of Communications Co. Ltd. (BOCOM) is one of China's "Big Six" state-owned commercial banks with about 14 trillion yuan ($1.9 trillion) in total assets as of March. It has an executive vice president, Hao Cheng, who oversees its operations in Hong Kong and corporate banking business. By the end of March, BOCOM’s nonperforming loan ratio was 1.32%, below the industry average of 1.59%.

Agricultural Bank of China Ltd.: Agricultural Bank of China Ltd. is one of China’s “Big Six” state-owned commercial banks. Earlier this month, Wang Zhiheng was appointed as its president. The move filled a vacancy at the bank, following Wang's previous tenure at China Everbright Bank.

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What Happened When

2021：: Hao Cheng becomes an executive vice president at Bank of Communications Co. Ltd. (BOCOM).

2023：: Hao Cheng was put in charge of overseeing BOCOM’s operations in Hong Kong and its corporate banking business.

By the end of March 2024：: BOCOM had about 14 trillion yuan in total assets, while Everbright Bank had about 7 trillion yuan.

By the end of March 2024：: BOCOM’s nonperforming loan ratio fell slightly to 1.32% from the end of last year, while Everbright Bank’s was steady at 1.25%.

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