The Industrial and Commercial Bank of China – or ICBC has announced that Yi Huiman as the next president of China's biggest lender, taking over from the long-serving Yang Kaisheng.
49-year-old Yi Huiman has been Senior Executive Vice President of ICBC since 2008.
His predecessor – the 64 year old Yang Kaisheng, served as ICBC president for eight years, which saw the rapid expansion of the state-owned lender.
ICBC is also the world's largest bank in terms of market value, which stood at over 236 billion US dollars at the end of last year.
Last month it also reported a 12 percent increase in first-quarter profits, defying a sluggish domestic economy to boost lending.
For more on ICBC's future, we are now joined live on the line by our financial commentator, Cao Can.
