Zhang Jianguo, president of China's Bank of Communications, is to replace Chang Zhenming as president of the China Construction Bank (CCB), an insider disclosed Tuesday.

Zhang submitted his resignation to the Bank of Communications as the CCB announced on Monday that its board had accepted Chang's resignation.

The Bank of Communications will issue a notice concerning Zhang's resignation at the Hong Kong Stock Exchange on Tuesday, an insider told Xinhua.

The CCB's statement at the Hong Kong Stock Exchange said Chang would continue to be the president until his successor arrived.

"Zhang's resignation signifies a profound personnel change in China's financial field," said the insider.

A spokesman with the CCB said Chang's departure would enable the bank to "meet the demand of the nation's financial reform and development".

Zhang, 52, was appointed president of the Bank of Communications, China's fifth largest commercial lender, in May 2004.

Under Zhang's leadership, the bank invited the Hongkong and Shanghai Banking Corporation Limited (HSBC) to hold a 19.9-percent stake. It also listed on the Mainland Board of the Hong Kong Stock Exchange in June 2005 and became the first overseas listed commercial bank on the Chinese mainland.

The annual report of the Bank of Communications showed that net profits of the bank in 2005 increased by 7.64 billion yuan (953 million U.S. dollars), or 476.62 percent over the same period of 2004.

Sources with the Bank of Communications disclosed that the bank's new president will come from outside the bank, but refused to give more details.

Source: Xinhua