"CNY 10 trillion" CITIC BANK welcomes a new president

CITIC BANK, with an asset scale approaching 10 trillion, announced a change in president.

On February 20, CITIC BANK announced that the board of directors received the resignation of executive director and president Liu Cheng on February 20, 2025. Liu Cheng resigned from his positions as executive director, president, chairman of the board's risk management committee, and member of the board's strategy and sustainable development committee due to work adjustments. According to relevant laws and regulations and the bank's articles of association, Liu Cheng's resignation takes effect from February 20, 2025.

On the same day, the company announced that the board of directors approved the proposal to appoint Mr. Lu Wei as the president of CITIC BANK Co., Ltd. The board agreed to appoint Lu Wei as president of CITIC BANK, officially taking office from the date when the regulatory authority approves his qualifications for the position, with a term of three years, and can be reappointed.

The board of directors designated Lu Wei to perform the duties of president from the effective date of Liu Cheng's resignation until his qualifications for the position are approved by the regulatory authority.

Successor Lu Wei

According to information, Lu Wei was born in 1971, is in his prime, and has extensive banking experience.

He worked at Beijing Youth Industrial Group Co., Ltd. from July 1994 to January 1997, and then worked at CITIC BANK for a long time.

From January 1997 to January 2017, Lu Wei worked at the business department of CITIC BANK headquarters (now Beijing Branch). He held positions such as member of the party committee of the business department, assistant general manager, deputy general manager, deputy general manager of the planning and finance department (now the finance and accounting department), general manager, and general manager of the asset-liability department.

From January 2017 to October 2022, Lu Wei served as the secretary of the board of directors of CITIC BANK, secretary of the board of directors (business director level), business director, member of the party committee, and vice president. During this period, he also served as the deputy leader of the Hong Kong branch preparation team, general manager of the asset-liability department, deputy leader and director of the Altyn Bank preparation team, and secretary of the party committee and president of the Shenzhen branch.

In October 2022, Lu Wei resigned as vice president of CITIC BANK due to work adjustments and took up the position of secretary of the party committee, general manager, vice chairman, and chairman of CITIC Trust Co., Ltd.

In February 2025, Lu Wei became the deputy secretary of the party committee of CITIC BANK. On February 20, he was announced as the president of the bank.

"Thank You" Liu Cheng

Liu Cheng, who is leaving office, previously taught at the Central Finance and Economics University (now Central University of Finance and Economics) and has rich experience in development reform and financial-related agencies.

From April 2018 to November 2021, Liu Cheng served as the chairman of the supervisory board of CITIC BANK, and from January 2022 to August 2023, he served as the executive vice president of CITIC BANK. Liu Cheng officially took office as president of CITIC BANK on August 3, 2023, until the latest announcement of his resignation.

CITIC BANK's latest announcement shows that Liu Cheng confirmed that there are no disagreements with the board of directors and senior management, nor are there any matters related to his resignation that need to be notified to the bank's shareholders. Liu Cheng also confirmed that there are no ongoing or upcoming lawsuits and disputes against CITIC BANK Liu Cheng expressed sincere gratitude for the strong support received from the shareholders, directors, supervisors, senior management, and employees during his tenure at CITIC BANK.

The board of directors of CITIC BANK also highly praised Liu Cheng's outstanding contributions during his tenure and expressed heartfelt thanks!

Last Year's Performance Steady

According to CITIC BANK's 2024 performance preliminary report, in the fiscal year 2024, the bank achieved total operating revenue of 213.646 billion yuan, an increase of 3.76% compared to the previous year; total profit of 80.863 billion yuan, an increase of 7.98% compared to the previous year; and net profit attributable to shareholders of 68.576 billion yuan, an increase of 2.33% compared to the previous year.

As of the end of 2024, CITIC BANK's total assets amounted to 9.53 trillion yuan, an increase of 5.28% compared to the end of the previous year; and the equity attributable to ordinary shareholders was 684.246 billion yuan, an increase of 13.61% compared to the end of the previous year.

As of the end of 2024, the bank's non-performing loan ratio was 1.16%, a decrease of 0.02 percentage points compared to the end of the previous year; and the provision coverage ratio was 209.43%.

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