(Yicai Global) April 3 -- Peng Chun, chairman of China's Bank of Communications, set to occupy the same role at China Investment, ending a two-year leaderless stint at the sovereign wealth fund.>/n/n/n/n/nPeng, 57, was once a deputy general manager at China Investment, Securities Times reported, citing several sources from China Investment and Bank of Communications who attended a private conference announcing the move yesterday. Peng has spent 21 years of h career at Bank of Communications, China's fifth largest lender, and was appointed chairman last February.
Founded in 2007, Beijng-based China Investment wholly owned by the state. It aims to use the country's foreign exchange reserves to make diversified investments within a fixed range of rk, and has regtered capital of USD200 billion.
It has been running without a chair since February 2017, when Ding Xuedong was promoted to deputy secretary-general of the State Council, China's cabinet. Vice Chairman and General Manager Tu Guangshao had been running the show in the absence of a leader, but retired in February th year at aged 60. Deputy General Manager Ju Weimin set to replace him soon, according to the report.
Ju, 56, a former director at China CITIC Bank and CITIC Securities, former chairman of the China Trustee Association and ex-deputy general manager of CITIC Group.
China Investment has not yet made the news public and Bank of Communications yet to reveal who will fill Peng's role.
Editor: James Boynton