CITIC Bank, the Chinese bank and wealth management firm, has appointed a new chief executive.

Starting 22 October 2012, Zhang Xiaowei takes the role of director and CEO, following the retirement of Chan Hui Dor Lam Doreen in August.

Chan had been working at CITIC for 15 years and assumed the chief position in 2002. She will stay with the firm to ensure a smooth transition until the end of this year.

Zhang was an executive director, general manager and alternate CEO at Wing Lung Bank. He brings almost 30 years of financial services experience in Mainland China and Hong Kong and had worked for the likes of Agricultural Bank of China and Bank of Communications. He had also served as vice president of BOC's Hong Kong branch and president of China Merchants Bank's Hong Kong office.

CITIC Bank has 32 branches in Hong Kong, as well as in Beijing, Shanghai, Shenzhen and Macau. Its overseas branches are in Singapore, Los Angeles and New York. It is a wholly-owned subsidiary of CITIC International Financial Holdings, which is 70.32 per cent-owned by China CITIC Bank and 29.68 per cent-owned by Banco Bilbao Vizcaya Argentaria of Spain.