(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