ICBC changed its commander, and Liao Lin took over from Chen Siqing
Image source@Visual China
On January 20, the Industrial and Commercial Bank of China (ICBC) ushered in a new leader.
This also means that Liao Lin will become the second head of ICBC to be promoted from president to chairman after Yi Huiman.
On the morning of 20 January, the Industrial and Commercial Bank of China announced that the relevant responsible comrades of the Organization Department of the CPC Central Committee attended a meeting of cadres of the Industrial and Commercial Bank of China and announced the decision of the Central Committee: Comrade Liao Lin will be appointed secretary of the party committee of the Industrial and Commercial Bank of China, and Comrade Chen Siqing will be dismissed from the post of secretary of the party committee of the Industrial and Commercial Bank of China.
Image source: ICBC official website
This year coincides with the 40th anniversary of the establishment of ICBC, and Liao Lin will lead ICBC into the "year of no confusion" to start a new journey.
Liao Lin: He was a 30-year veteran of CCB
Before being transferred to ICBC, Liao Lin worked in CCB for 30 years and was once evaluated as a "practical cadre".
In 2019, he and Chen Siqing successively "parachuted" ICBC. Since then, he has served as Vice President, Chief Risk Officer, Executive Director, Vice Chairman and President of ICBC. He is also an alternate member of the 20th CPC Central Committee.
Image source@ICBC
According to public information, Liao Lin, born in February 1966, is 58 years old. He graduated from Guangxi Agricultural University with a doctorate degree in management from Southwest Jiaotong University, and is a senior economist. It is reported that his dissertation was completed in the Simon Zeeteng Laboratory of the School of Economics and Management of Jiaotong University, and the title of the paper is "Research on the Basic Trait Model of Regional Financial Ecosystem", and the supervisors are Pu Yun and Liu Chaoming. Pu Yun is currently the vice president of Southwest Jiaotong University. Industry insiders pointed out that the new concept of "financial ecosystem" was proposed by the then governor of the central bank, and it was a high-level summary of the survival and development environment of the financial industry, especially the banking industry. The project that Liao Lin participated in was a study on the specific application of the concept based on the actual financial situation in Guangxi and other places, which enriched the concept and theory.
Before being transferred to ICBC, Liao Lin spent 30 years from the president of a branch of CCB Guangxi to the vice president of CCB. His main resume in CCB is: Liao Lin joined CCB in 1989 as a manager of grassroots institutions. Nine years later, in December 1998, he was appointed President of the Chaoyang Branch of the Guangxi Zhuang Autonomous Region Branch of China Construction Bank, and in November 2003, he was appointed Vice President of the Guangxi Zhuang Autonomous Region Branch of the China Construction Bank. In Guangxi, Liao Lin was promoted from a grassroots manager to a vice president of a provincial branch.
In 2011, Liao Lin successively came to Ningxia, Hubei and Beijing as the main person in charge. In March of that year, he was appointed as the principal person in charge and president of the Ningxia Hui Autonomous Region Branch of China Construction Bank, in September 2013, the principal person in charge and president of the Hubei branch of China Construction Bank, and in May 2015, he was appointed as the president of Beijing branch of China Construction Bank.
He performed well during his tenure and joined the head office of CCB in 2017. In March 2017, he was appointed Chief Risk Officer of China Construction Bank and in September 2018, he was appointed Vice President of China Construction Bank.
A number of people in the banking industry who have worked with him commented that Liao Lin is modest, has strong generalization ability, solid and rigorous style, and has high requirements for himself. "Liao Lin has rich experience at the grassroots level, and the work strategies and assessment standards formulated are very in line with the actual situation at the grassroots level, and he is a practical cadre.
In 2019, Liao Lin was transferred to ICBC and became the vice president of ICBC, in charge of risk control. Previously, Yi Huiman, chairman of ICBC, served as chairman of the China Securities Regulatory Commission, and Chen Siqing was transferred from the chairman of the Bank of China to the chairman of ICBC. In 2020, Liao Lin took over from Gu Shu, then president of ICBC, and became president of ICBC.
In March 2021, Liao Lin made his debut as the president of ICBC at the performance briefing. He said that 2021 is the first year of the "14th Five-Year Plan" and the beginning of the new three-year plan of ICBC, and he will lead the management to do a good job in "implementation" and "promotion", promote the implementation of ICBC's established four major layouts of "building on strengths, making up for weaknesses, consolidating the foundation and strengthening the foundation", build a high-quality banker ecosystem, and promote high-quality transformation.
During the four years that the "Chen Liao Portfolio" was at the helm of ICBC, ICBC's assets grew steadily. According to the bank's financial report, its total assets have increased from 35.17 trillion yuan at the end of 2021 to 44.48 trillion yuan at the end of the third quarter of 2023. Liao Lin is favored by the industry for his steady and steady style.
Chen Siqing: The chairman of the first airborne ICBC
Chen Siqing, 64, a 64-year-old veteran of the Bank of China, is also the first chairman of ICBC to parachute in.
According to public information, Chen Siqing, born in 1960, a native of Hunan, a member of the Communist Party of China, graduated from Hubei University of Finance and Economics in 1982, a master's degree in business administration from Murdoch University in Australia, a senior economist, and a certified public accountant. He is currently the Vice Chairman of the Foreign Affairs Committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the Chairman of the Industrial and Commercial Bank of China (Vice Minister level). It is worth mentioning that Tian Guoli, who is currently the chairman of CCB, and Chen Siqing are brothers in the same school and major, and they met and worked together in Bank of China many years later.
Image source@ICBC
Chen Siqing has many years of overseas work experience. In 1990, Chen Siqing joined Bank of China and worked in the Hunan branch for many years and was seconded to Zhongnan Bank Hong Kong Branch as assistant general manager. From June 2000 to May 2008, he successively served as the assistant to the president, the vice president, the general manager of the risk management department of the head office and the president of the Guangdong branch of Bank of China Fujian Branch. From April 2008 to April 2019, he successively served as a member of the Party Committee, Vice President, President, Deputy Secretary of the Party Committee, Vice Chairman, Secretary of the Party Committee and Chairman of the Board of Directors of Bank of China.
In May 2019, Chen Siqing was transferred to the position of Secretary of the Party Committee and Chairman of the Industrial and Commercial Bank of China. In December 2023, Chen Siqing published an article in China Finance, pointing out that ICBC should take the road of financial development with Chinese characteristics with a leading attitude, adhere to the transformation and pragmatism, reform and strengthening, thoroughly implement the requirements of financial supply-side structural reform, strengthen goal-oriented and problem-oriented, and strive to promote the long board, make up for the short board, fix the bottom board, and forge the new board, and continue to achieve new results in becoming better and stronger. Adhere to technology-driven and value creation, deepen the "soup-making" integration of technology, data and business, and accelerate the construction of digital ICBC and science and technology enforcement.
2024 marks the 40th anniversary of ICBC's founding, and its assets have grown from RMB 200 billion at the beginning of its establishment to more than RMB 40 billion today, making it one of the best growing financial institutions in the world. As a "cosmic line", many of its indicators are leading in the world.
According to the data, ICBC's total assets, total net capital, deposits, loans and other scale indicators remain the first in the global banking industry, the total market capitalization and net profit remain the first in China and the top three in the world, and the ROA, ROE and cost-to-income ratio are all at the best level in the world. It has topped the list of the world's 1,000 largest banks for 11 consecutive years, becoming the first-ever "best bank in the world" from an emerging market country.
Industry insiders said that Liao Lin has been in ICBC for more than four years, and he will take over Chen Siqing at the helm of ICBC, which is conducive to the smooth transition of ICBC and the continuation of its strategy. It remains to be seen how ICBC will make great strides forward on the road of financial development with Chinese characteristics, and continue to achieve new breakthroughs in its own high-quality development while serving the high-quality development of the economy and society and helping to build a new development pattern. (This article was first published on the Titanium Media APP, author | Yan Fanyao, editor - Liu Yangxue)