(Yicai Global) July 1 -- China Minsheng Bank Chairman Hong Qi retired yesterday after a 24-year stint, Minsheng Bank said in an announcement. Former Bank of China Hong Kong Chief Executive Gao Yingxin provisionally took over the same day.

Hong handed the board his resignation letter yesterday and its meeting held that same day unanimously approved Gao’s nomination. His appointment will take effect if the China Banking Regulatory Commission endorses it, Minsheng said in its announcement.

Hong, 63, who joined the bank in its startup phase, has served as chairman since 2014. The board lauded him as committed to his duties and diligent in his responsibilities, saying it greatly appreciated his contribution to the bank’s reform and development.

Gao resigned as chief executive and vice chairman of BOC’s Hong Kong unit to fill the chair at Minsheng, the country’s largest privately-owned lender, various media reported in May.

Major shareholders, including New Hope Group Chairman Liu Yonghao, had voiced their dissatisfaction with their returns and Minsheng’s management during a board meeting in March, online media Sina reported.

Formed in 1996, Minsheng was the first Chinese bank owned by mostly non-government entities

Editor: Ben Armour