Fu Jianhua, former chairman of the board of Shanghai Bank, has
been nominated for the position of governor of Shanghai Pudong
Development Bank, according to Shanghai Bank sources.
Fu's resignation from the board of Shanghai Bank was announced
on Wednesday. He is replaced by Chen Xin, the incumbent governor of
Shanghai Bank.
Shanghai Bank is a local city bank which is partly owned by
international investors including the International Finance
Corporation, a branch of the World Bank, and Hong Kong and Shanghai
Banking Corporation.
A Pudong Development Bank insider said Fu's nomination would be
discussed and approved at an upcoming meeting of the board, adding:
"I don't believe there will be any hitch to Fu's appointment to our
bank."
Fu, who worked with China Construction Bank, one of China's four
major state-owned commercial banks, from September 1991 to July
1997, served as governor and also deputy chairman of the board of
Shanghai Bank between July 1997 and January 2004. He was
reappointed chairman of the board of Shanghai Bank in January
2004.
The Pudong governor post has been vacant since last September
when Jin Yunsheng, former governor of the bank, was promoted to
chairman of the board following the retirement of his predecessor
Zhang Guangsheng.
Pudong Development Bank, a joint-stock commercial bank with
headquarters in Shanghai, is one of several commercial banks named
after Chinese localities but which are authorized to do business
all over China.
The other two prominent examples are Xingye Bank of Fujian
Province, east China, and Guangdong Development Bank from south
China's Guangdong Province.
(Xinhua News Agency August 3, 2006)