SHANGHAI, September 24 – China Development Bank said Wednesday it has formed a joint stock company and named several top executives, a substantial step in its efforts to prepare itself for a stock market listing.
The bank, which owns a 3.1 percent stake in British bank Barclays, has been working for years to transform itself from a bank dedicated to carrying out government policies into a market-oriented commercial bank.
Chen Yuan, previously the bank\’s president, has been appointed secretary of the lender\’s Communist Party Committee, the bank said in a statement. The new role effectively makes him the top official in the company.
Jiang Chaoliang, who resigned as chairman of China\’s fifth largest lender, the Bank of Communications, has been appointed deputy secretary of the bank\’s party committee, the statement said.
Jiang is expected to eventually be named president, Dow Jones Newswires reported previously.
The domestic investment arm of China\’s sovereign wealth fund, Central Huijin Investment Co., injected 20 billion US dollars into China Development Bank last year to help it restructure.
The lender was previously responsible for financing government economic priorities such as infrastructure projects.