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The board of the China Construction Bank has accepted the resignation of its president Chang Zhenming, the bank said in a statement on Monday.

A spokesman for the bank, Hu Changmiao, said Chang's departure is to "meet the demand of the nation's financial reform and development," while expressing "deep regret and reluctance" over his application.

Chang will work for the CITIC Group, a consortium including a national shareholding bank and a securities broker, the spokesman said, adding his successor will be announced soon after.

The bank's board meeting spoke highly of the efforts and contributions made by Chang in pushing forward the CCB's reform and development.

The CCB took the lead among China's "big four" state banks to go public in Hong Kong last October, when its shares met a strong trading debut, as investors were eager to buy into China's robust economy.

China must overhaul its debt-laden domestic banks, typically the "big four", ahead of the full opening of its financial market to foreign competition by the end of this year. Public listing is expected to help the banks improve management.

Hu said the CCB as a public company will continue to improve corporate governance and tighten risk control with the aim to develop into a first-class commercial bank in the world.

(Xinhua News Agency July 24, 2006)