ICBC's new president promises stability, consistency

The Industrial and Commercial Bank of China, the world's largest commercial lender by market value, emphasized on Friday that it would maintain operational stability and consistency after the recent change of its president.

In a statement, the bank said its new president Yi Huiman has vowed to continue ICBC's success of recent years, in response to questions from investors at its annual shareholder meeting.

Yi said:“We will continue to promote the business's transformation, to achieve sustainable development in accordance with strategic orientations and tasks set by the board.”

Yi succeeded Yang Kaisheng as its new president in late May. The 49-year-old Yi has worked as senior executive vice president of ICBC since 2008.

Yang served as ICBC president for eight years, a period of rapid expansion by the organization.

Yi said he would further enhance the bank's operational efficiency by improving its current incentive mechanism, and continue to increase profits generated from overseas.

“We will strengthen integration of the traditional commercial banking business and the investment banking business provided by our subsidiaries,” he said, adding data systems as well as risk management would also be ICBC's future priority.