Citic Bank Appoints President Fang Heying as Chairman Succeeding Zhu Hexin, Citic Bank is China 10th Largest Bank with $35 Billion Market Value on Hong Kong Exchange
22nd April 2023 | Hong Kong
Citic Bank has appointed President Fang Heying as Citic Bank Chairman succeeding Zhu Hexin, with Executive Vice President Liu Cheng taking over Fang Heying as the new Citic Bank President. Citic Bank is China 10th largest bank by assets with $35 billion market capitalisation (HKEX, 21/4/23). New Chairman of Citic Bank, Fang Heying – Mr. Fang Heying, Chinese, was born in 1966. Mr. Fang is the secretary of the Party Committee, vice chairman, and director of the Bank. Mr. Fang has served as deputy general manager of CITIC Group Corporation Limited, deputy general manager and member of the executive committee of CITIC Limited, and deputy general manager of CITIC Corporation Limited since December 2020, and as a Party Committee member of CITIC Group Corporation Limited since November 2020. Mr. Fang is concurrently a director of CITIC International Financial Holdings Limited and CITIC Bank International Limited. Mr. Fang served as the president of the Bank (the “President”) from March 2019 to April 2023. Prior to that, Mr. Fang was president of the Bank’s Suzhou Branch, president of the Bank’s Hangzhou Branch, and head of the Bank’s financial markets business, vice president and Chief Financial Officer of the Bank. Before that, he was a teacher at Zhejiang Banking School, and assistant general manager of the credit department of the experimental urban credit cooperative of Zhejiang Banking School. Mr. Fang has 30 years of experience in the Chinese banking industry. He graduated from Hunan College of Finance and Economics (now Hunan University), and obtained a master’s degree in business administration for senior management member from Peking University. He is a senior economist. More info below.
“ Citic Bank Appoints President Fang Heying as Chairman Succeeding Zhu Hexin, Citic Bank is China 10th Largest Bank with $35 Billion Market Value on Hong Kong Exchange “
CITIC Limited (SEHK: 00267) is one of China’s largest conglomerates and a constituent of the Hang Seng Index. Tracing our roots to the beginning of China’s opening and reform, CITIC has grown in step with the country’s rise and modernisation. We have built a remarkable portfolio of businesses in comprehensive financial services, advanced intelligent manufacturing, advanced materials, new consumption and new-type urbanisation. As of 31 December 2021, CITIC Limited had total assets of HK$10,685.5 billion and total ordinary shareholders’ funds of over HK$751.4 billion.
New Chairman of Citic Bank, Fang Heying
Mr. Fang Heying, Chinese, was born in 1966. Mr. Fang is the secretary of the Party Committee, vice chairman, and director of the Bank. Mr. Fang has served as deputy general manager of CITIC Group Corporation Limited, deputy general manager and member of the executive committee of CITIC Limited, and deputy general manager of CITIC Corporation Limited since December 2020, and as a Party Committee member of CITIC Group Corporation Limited since November 2020. Mr. Fang is concurrently a director of CITIC International Financial Holdings Limited and CITIC Bank International Limited. Mr. Fang served as the president of the Bank (the “President”) from March 2019 to April 2023. Prior to that, Mr. Fang was president of the Bank’s Suzhou Branch, president of the Bank’s Hangzhou Branch, and head of the Bank’s financial markets business, vice president and Chief Financial Officer of the Bank. Before that, he was a teacher at Zhejiang Banking School, and assistant general manager of the credit department of the experimental urban credit cooperative of Zhejiang Banking School. Mr. Fang has 30 years of experience in the Chinese banking industry. He graduated from Hunan College of Finance and Economics (now Hunan University), and obtained a master’s degree in business administration for senior management member from Peking University. He is a senior economist.
According to relevant laws and regulations of China, Mr. Fang’s appointment as the Chairman will be effective from the date of approval of his qualification by the banking regulatory authority of China. After the appointment becomes effective, Mr. Fang will no longer be the vice chairman of the Bank and will enter into a Chairman’s service contract with the Bank. During his tenure as the Chairman, Mr. Fang will not receive any director’s allowance from the Bank. As at the date of this announcement, Mr. Fang holds a total of 915,000 H shares of the Bank.
Citic Bank: “Mr. Zhu tendered his resignation from the positions of the Chairman, non-executive director of the Bank, and the chairman and member of the Strategic and Sustainable Development Committee of the Board due to work arrangement, with effect from 17 April 2023. After his resignation, Mr. Zhu does not hold any position at the Bank or its controlled subsidiaries.”
During his tenure as the Chairman, Mr. Zhu followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, kept in mind the top priorities of the nation, adhered to the political and people-centric nature of finance, led the Bank blazing new trails in a pioneering spirit and forging ahead with determination, promoted in-depth integration of the leadership of the Party into corporate governance, and earnestly implemented the three tasks of serving the real economy, preventing and controlling financial risks as well as deepening the financial reform. Mr. Zhu stuck to the high-quality development orientation, set the goal of striving to be top players in the industry, vigorously promoted execution of strategic plans, strengthened the building of core capabilities, put forth effort to push for coordinated development, and actively built the Bank’s differentiated competitive edges and unique value. Mr. Zhu adhered to the bottom-line thinking, strengthened the building of compliance culture, refined the risk management system, and improved risk control capability, which further consolidated the foundation of the Bank for long-term development. Mr. Zhu firmly followed the direction of modern corporate governance and market- oriented reform, and planed and pushed forward major reforms, bringing the reform and development of the Bank into a new stage. Mr. Zhu strengthened empowerment through technology in all respects and promoted digitalization transformation in-depth, which supported the Bank’s FinTech achieving a new leap. Mr. Zhu also fully promoted strength from talents and innovated in the personnel selection and use mechanism. As a result, the Bank’s talent team has taken on a new look. In recent years, the Bank has achieved comprehensive improvement in operating quality and efficiency as well as in growth potential, stability and continuity, and it has striven for top places in the building of a first- rate joint-stock commercial bank and has achieved remarkable results. During his tenure, Mr. Zhu was diligent, responsible, pragmatic and was always endeavoring to do still better. He devoted a lot of efforts in the high-quality development of the Bank and made outstanding contributions. The Board expressed sincere thanks to Mr. Zhu.
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