Bank of China Ltd., the nation’s fourth-biggest lender, appointed a new party secretary while Bank of Communications Co.’s chairman resigned as China changes managers at state-owned financial institutions.
China Development Bank Corp. Chairman Chen Yuan will step down, handing the reins of the world’s largest policy lender to Bank of Communications Co.’s Hu Huaibang, said two people with knowledge of the matter.
Lying in a Beijing military hospital in 1990, General Wang Zhen told a visitor he felt betrayed. Decades after he risked his life fighting for an egalitarian utopia, the ideals he held as one of Communist China’s founding fathers were being undermined by the capitalist ways of his children -- business leaders in finance, aviation and computers.
The bond risk of China Development Bank Corp. slid to the lowest in more than four years on signs the lender will maintain government backing as it takes on some of the nation’s toughest challenges in 2013.
China Development Bank Corp. ’s private-equity unit sports three bronze busts of Communist Party leaders in its Beijing lobby. Chairman Mao Zedong is there, and so is his eventual successor as leader, Deng Xiaoping . Then there’s Chen Yun, once China’s top economic planner.
The middle-aged Chinese woman who answers the door apologizes for the wait as she stands in the entryway, sporting leopard-print slippers. She’s been exercising, she says. Two tiny dogs, fuzzy like the slippers, yap at her feet.
Petroleo Brasileiro SA , Brazil’s state-run oil company, is in talks with China Development Bank Corp. for a new loan after borrowing $10 billion from the policy bank in 2009, bank Chairman Chen Yuan said.