(Yicai Global) July 9 -- Zheng Yang, director of the Shanghai Municipal Financial Regulatory Bureau, will take up the reins upon the retirement of Gao Guofu, chairman of Shanghai Pudong Development Bank.
Zheng used to be the deputy head of the central bank's Shanghai office, The Paper reported. He has also served as the deputy chief of a capital management bureau under the State Administration of Foreign Exchange.
Gao, now aged 63, joined the joint-stock commercial lender in 2017 after a decade at China Pacific Insurance Group. He led SPDB to a two-year streak of profit growth.
At the end of the first quarter, SPDB increased its revenue 27 percent from the previous year to CNY50.1 billion (USD7.3 billion). Its net profit attributable to shareholders of the parent rose 15 percent to CNY16.5 billion.
Editor: Emmi Laine