Shanghai-based Pudong Development Bank to have new chairman

Ji Xiaohui, deputy secretary general of the Shanghai government and head of the Shanghai Financial Services Office, will become chairman of the listed Shanghai Pudong Development Bank (SPDB), succeeding Jin Yun who will retire soon.

SPDB vice president Ma Li, wife of Ji, will be transferred to an insurance company according to China's avoidance system, sources told Xinhua.

Ji, 52, was the head of Shanghai branch of the Industrial and Commercial Bank of China before he was appointed head of the Shanghai Financial Services Office in 2002.

The SPDB's net profits reached 3.35 billion yuan in 2006, up 31 percent over 2005.

Established in January 1993, the bank was listed on the Shanghai Stock Exchange in November 1999. It had assets of 573

billion yuan by the end of 2005.

Source: Xinhua