Bank of China (BOC), a leader in the country's aggressive banking reform, announced Wednesday it appointed a US financial expert as its chief credit officer.

Lonnie Dounn from the Hong Kong and Shanghai Banking Corporation (HSBC) became the first foreigner to work in a state bank's senior management. According to a BOC spokesman, this shows the bank's determination to step up reform, strengthen corporate governing and curb business risks.

Dounn has 30 years of experience in risk management. He has been overseeing the HSBC's risk control business in the Asia-Pacific region since May 1998.

China is overhauling its Big Four state banks including the BOC to brace them for international competition. Foreign banks, in line with China's commitment to the WTO, will have unrestricted market access by 2006.

The BOC has become a joint-stock firm with relatively standard corporate governance featured by a shareholders' meeting, board of directors, board of supervisors and senior management, which have all started operation. The bank has done away with all government ranks of its staff, urging its 230,000-strong employees to vie for new jobs in the bank.

Source: Xinhua