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Peng Chun, chairman of Bank of Communications (601328. SS), China's fifth largest state-owned bank, will return to China Sovereign Wealth Fund, China Investment Corporation (CIC), after handing over his best report card in recent years. This also means that CIC's chairman vacancy will usher in a new manager two years later.
Two middle-level people confirmed the above information. "Chairman Peng has gone to CIC and the bank should announce it soon. This arrangement is at the level of the central group, not at the level of the industry," said a banker.
According to another CIC source, Tu Guangshao, the general manager, announced his retirement due to his age at an internal management meeting held in the morning and was replaced by Ju Weimin, the company's current deputy general manager.
Reuters did not immediately contact the Bank of Communications and CIC for comment.
According to public information, Peng Chun, 57 years old, is a pedestrian with an old acquaintance. He has successively been the leader of the Urumqi Branch, Nanning Branch and Guangzhou Branch of the Bank. From April 2010 to September 2013, he was appointed Vice General Manager of CIC and Executive Director and General Manager of Central Huijin Investment Co., Ltd. He returned to the Bank of Communications in October 2013. He has served as President, Vice Chairman and Executive Director of CIC. He has served as Chairman of Bank of Communications since February 2018.

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