Ex-BoCom head is Party chief at CDB

Hu Huaibang, the former head of the Bank of Communications, has been appointed Party Secretary of China Development Bank, according to the CDB's website.

Hu, 57, will take over from Chen Yuan who remains chairman of the world's largest policy lender, the website said yesterday.

The change is part of a reshuffle of senior bankers and financial regulators after the annual session of the National People's Congress last month. Hu's appointment as CDB's Party Secretary paves the way for him to take over as chairman.

Chen, 68, who took the helm of the Beijing-based lender in 1998, will help set up a new development bank for the BRICS countries of Brazil, Russia, India, China and South Africa, Caixin said on April 11, citing people close to CDB that it didn't identify.

BoCom said in an April 15 stock exchange filing that Hu had resigned as chairman.

CDB is China's biggest lender in foreign currency, with US$248.2 billion in such loans at the end of 2012. It's also the largest lender to so-called local government financing vehicles that have accumulated at least 10.7 trillion yuan (US$1.7 trillion) in debt.

CDB, founded in 1994 and wholly owned by the Chinese government, carries out the state's policy objectives. Half of the bank's lending this year will go toward urban development, according to a January 29 notice on its website.

The bank, which had assets last year of 7.37 trillion yuan, is the main funder of China's oil-for-loans program.

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