In a significant development for one of China's largest financial institutions, Bank of China has announced the resignation of its Vice Chairman and President, Liu Jin. The departure, effective August 27, 2024, was attributed to personal reasons, according to a statement released by the bank.
To ensure continuity in leadership, the bank's board has approved Chairman Ge Haijiao to serve as acting president. This sudden change marks a notable shift in the top echelons of one of China's "Big Four" state-owned commercial banks.
Liu Jin, aged 57, brought extensive experience to his role at Bank of China. His career in the Chinese banking sector included senior positions at major institutions such as Industrial and Commercial Bank of China (ICBC) and China Development Bank. Prior to joining Bank of China in 2021, Liu served as the president of China Everbright Bank.
The resignation of Liu Jin comes at a time when Bank of China continues to play a crucial role in China's financial landscape. Founded in 1912, it holds the distinction of being the oldest bank in mainland China and has grown to become the second-largest lender in the country by assets. The bank's influence extends far beyond China's borders, with operations in 57 countries, making it a significant player in international finance.
Bank of China's global presence is underscored by its status as the first Chinese bank to establish branches on every inhabited continent. This international reach has been instrumental in supporting China's economic reforms and opening-up policy. The bank's importance in the global financial system is further highlighted by its designation as a Global Systemically Important Bank since 2011.
As the official banking partner of the 2008 Beijing Olympics, Bank of China demonstrated its prominence in both domestic and international arenas. The bank's historical significance is also evident in its long-standing role in issuing banknotes in China, a function it has performed throughout much of its history.
The leadership transition at Bank of China comes as the institution continues to navigate the complexities of the global financial landscape. With its headquarters in Beijing's Xicheng District, the bank remains at the heart of China's financial system, providing services for about one-third of the country's foreign exchange business.
As Ge Haijiao steps into the role of acting president, all eyes will be on Bank of China's next moves in maintaining its position as one of the world's largest banks by total assets and its continued influence in both domestic and international markets.