What’s new: Chinese policy lender Agricultural Development Bank of China (ADBC) announced (link in Chinese) Monday President Qian Wenhui has been appointed its new Communist Party chief.
Qian is also expected to take over as the bank’s chairman as well after current chair Xie Xuezhi retires.
Who’s Qian: Qian, 58, has over three decades of experience in the banking industry, working at big commercial banks including China Construction Bank Corp., Bank of Communications Co. Ltd. and Industrial and Commercial Bank of China Ltd. He has served as vice chairman and president of the ADBC since 2018.
What does the bank do: The ADBC, along with two other policy banks, was set up by the State Council, China’s cabinet, to fund projects which may not be highly profitable but are crucial to social and economic development, including infrastructure, energy and agriculture initiatives. The ADBC focuses on rural lending by raising much of its capital from selling bonds backed by state credit.
At the end of June, the bank’s total assets amounted to 7.5 trillion yuan, up 5.4% year-on-year, with a nonperforming loan ratio of 0.5%, its website showed (link in Chinese).
Contact editor Marcus Ryder (marcusryder@caixin.com)
