The vice governor of China's central bank has been named head of China Development Bank (CDB) , which became a major shareholder in Barclays Bank in July, a Chinese paper reported, citing unidentified sources.
Su Ning, vice governor of the People's Bank of China and the head of PBOC's Shanghai branch, will replace Chen Yuan, the current China Development Bank president, the Beijing-based Economic Observer reported on Saturday.
CDB, which provides loans to China's largest infrastructure projects and offers financial aid for China's industrial giants to internationalise, is transforming itself into a commercial bank. Su would take charge of the bank's reform with the ultimate goal of floating the bank's shares, the newspaper said. It added that any listing would be two or three years away.
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