Changes in senior management of IB Wealth Management Jing Song intends to serve as full-time chairman

Reporter Wang Kejin reported from Beijing

On January 19, the reporter of China Business Daily learned that the chairman and president of IB Wealth Management will change.

Sun Xiongpeng, vice president of Industrial Bank, will no longer concurrently serve as the chairman of IB Wealth Management, and is planned to be succeeded by Jing Song, president of the Shenyang branch of Industrial Bank, as full-time chairman; Gu Weiping, president of IB Wealth Management, will retire, and Wang Shengming, vice president of IB Wealth Management, may take over the position of president.

"There is also a need to supervise and review qualifications, and the internal corporate governance process also needs to be sorted out, so it has not been officially announced to the public." A person close to IB Wealth Management told reporters.

Multiple executive changes

The reporter learned from the inside of Xingyin Wealth Management that Gu Weiping, the president of the company, will retire.

According to public information, Gu Weiping served as the president of the Tianjin branch of Industrial Bank, the president of the Guangzhou branch, and the general manager of the asset management department of the head office.

In December 2019, when the reporter attended the opening ceremony of IB Wealth Management in Fuzhou, he learned that Sun Xiongpeng, vice president of Industrial Bank, concurrently served as the chairman of IB Wealth Management, Gu Weiping served as the president of IB Wealth Management, and Wang Shengming served as vice president of IB Wealth Management.

After this change, Sun Xiongpeng will no longer concurrently serve as the chairman of IB Wealth Management, and it is proposed that Jing Song, president of the Shenyang Branch of Industrial Bank, will take over the position of chairman of IB Wealth Management.

"The new chairman is a full-time chairman." The above-mentioned person close to IB Wealth Management said.

According to public information, Jing Song has served as the general manager of the metallurgical industry financial center, the general manager of the trade finance department, the general manager of the transaction banking department of industrial banks, and the president of the Shenyang branch of industrial bank in 2019.

In addition, recently, IB Wealth Management has also ushered in a number of executive changes. In December 2021, the China Banking and Insurance Regulatory Commission issued the "Reply on the Qualifications of Tang Xisheng and Six Other People of Industrial Bank Wealth Management Co., Ltd.", which showed that the qualifications of Tang Xisheng and Wu Xiaolin, vice presidents of Industrial Bank Wealth Management, assistant to the president of Tian Yan and Zhang Shanshan Bank Wealth Management, head of the financial department of Dai Meiting Bank wealth management, and head of the internal audit department of Zou Binqi Bank Wealth Management were approved.

Support differentiated playing style

According to the 2021 interim report of Industrial Bank, as of the end of June 2021, the scale of IB wealth management products exceeded one trillion yuan, and the total assets of IB Wealth Management were 8.607 billion yuan and the net assets were 8.337 billion yuan. In the first half of 2021, it achieved operating income of 2.674 billion yuan and net profit of 1.983 billion yuan.

IB Wealth Management attaches great importance to differentiated play in terms of business development. As early as the beginning of the establishment of IB Wealth Management, it put forward the idea of "fixed income +" and equity products.

Gu Weiping has also said many times that wealth management subsidiaries need to take the road of differentiated development. In November 2021, Gu Weiping participated in the keynote speech of the 2021 Outstanding Competitiveness Financial Summit hosted by China Business Daily and hosted by CEI Future, saying that in the future, the field of asset management and wealth is an important financial track, and wealth management subsidiaries carry a special historical mission, playing an important role in the process of the transformation of the mainland's financial supply-side reform from indirect financing to direct financing, and becoming an important starting point for promoting the transformation of commercial banks. To do the above work well, wealth management subsidiaries need to rely on the power of financial technology to take the road of differentiated development.

Gu Weiping believes that wealth management subsidiaries should take a distinctive and differentiated development path and should achieve four aspects: first, wealth management subsidiaries should be characterized by a product system with full coverage in terms of risk and return characteristics; second, wealth management subsidiaries should have the investment ability of the full asset spectrum; third, the construction of internal and external ecosystem investment research systems is very important for wealth management subsidiaries; fourth, with the continuous deepening of financial technology applications, wealth management subsidiaries should do better in digital transformation.

(Editor: Zhu Ziyun Proofreader: Yan Jingning)