(15 September 2016 – China) Industrial and Commercial Bank of China Ltd, the world's biggest bank by assets, is set to announce its new president, ending four months of speculation.
ICBC have confirmed that current Vice President Gu Shu will be given the top job, with the official announcement to take place at the bank’s next board meeting.
At age 49, Shu will be the youngest banking chief of China's big four state-owned banks.
The appointment follows several changes at ICBC including the retirement of former Chairman Jiang Jianqing in May.
Shu will be taking responsibility for the bank at a time when the country’s banking sector faces mounting pressure from a slowing economy, rising bad loans and declining profit. Further, analysts are speculating on how he would transform the bank's business model and address the challenges posed by the rise of internet and digital banking.
Shu joined ICBC in 1998 and became the bank's vice president in 2013. He holds a doctoral degree in economics from Shanghai University of Finance and Economics and was a visiting scholar at Pennsylvania State University.