Saturday, December 20, 2008

Former Construction Bank VP gets new post

Luo Zhefu, former vice president of China Construction Bank, was transferred Tuesday to become the general manager of China Everbright Group, a core State-owned enterprise under the supervision of the State Council.

Another three new senior executives of China Everbright will also take appointment today, according to a source.

China Everbright Group was established by the State Council, China's cabinet, as an investment and financing vehicle contributing to the reform and opening up of the Chinese economy. The group's business mainly covers banking, securities, insurance and investment management business.

Luo Zhefu is now ranked in third position of the China Everbright Group boardroom, next to Tang Shuangning, chairman of the Group and Zang Qiutao, the vice chairman.

China Everbright Bank, a main subsidiary of China Everbright Group, has increased its capital adequacy ratio to 10 percent after issuing 5 billion yuan ($730 million) in subordinated bonds this Monday. The Bank is reportedly ready for a share listing and is waiting for the securities regulator's approval.

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