Print this article

Deutsche Bank Exec Accepts Call To Lead Chinese Bank

Vanessa Doctor

20 April 2010

The Industrial and Commercial Bank of China has appointed Deutsche Bank senior banker Lee Zhang as vice president.

Zhang, who holds a dual role as China chairman and head of global banking for Asia Pacific ex-Japan at the German bank, is the first foreign bank employee to fill an executive position at a major Chinese bank. Based on common practice, state-run institutions like ICBC fill key posts either directly from the government or from another state-owned company.

Richard Yacenda, the Beijing-based chief operating officer for Asia, will assume Zhang's role as chairman, while Robert Rankin, the chief executive officer for Deutsche Bank Asia Pacific, will become head of global banking. Their new designations are in addition to their existing jobs while replacements are being sought.

In a statement, Deutche Bank said that Zhang is following a government call and that China remains a priority market for the German bank. Zhang's hiring has already received approval from the ICBC board early this week, although the entire appointment itself is still subject to the decision of the China Banking Regulatory Commission.