The return of Lu Tiangui to CITIC Bank aligns with market expectations. His career trajectory mirrors that of his predecessor Lu Wei—both were transferred from CITIC Bank to CITIC Trust before returning to assume the presidency of the bank. The distinction lies in their expertise: Lu Wei excelled in cost, capital, liquidity, and financial accounting management, whereas Lu Tiangui's extensive experience is in retail banking, having held key positions in core divisions such as the credit card center, retail banking department, and private banking department.
Under the leadership of 60-year-old President Fang Heying, who recently steered CITIC Bank past the RMB 10 trillion asset milestone, the composition of the senior management team and strategic business arrangements have become focal points for market observers.
Lu Tiangui's appointment underscores Fang Heying's emphasis on the retail banking segment. From a business division perspective, the profitability of CITIC Bank's retail banking operations has been declining. In 2025, the segment's revenue was RMB 79.367 billion, a year-on-year decrease of 7.37%, with pre-tax profit at RMB 5.303 billion, down 42.54% year-on-year. The challenge extends beyond retail; the bank's overall profitability requires enhancement.
In recent years, Fang Heying has accelerated the bank's asset growth. From 2023 to 2025, the bank's total asset growth rates were 5.91%, 5.31%, and 6.28%, respectively. However, profit growth has not kept pace with this expansion in asset scale. During the same period, revenue growth fluctuated at -2.60%, 3.76%, and -0.55%, while net profit attributable to shareholders grew by 7.91%, 2.33%, and 2.98%. In 2026, the bank returned to a pattern of simultaneous growth in both revenue and net profit, with revenue increasing 5.23% year-on-year to RMB 54.649 billion and net profit attributable to shareholders rising 3.02% to RMB 20.098 billion. Sustaining this trend throughout the year remains a significant challenge, necessitating continued diligent effort from Fang Heying.
His strategy involves adjustments starting with the management team. In addition to the new President Lu Tiangui, CITIC Bank has added two new Deputy Presidents—Zhao Yuanxin and Shen Qiang (subject to regulatory approval). This brings the bank's leadership structure to one President and seven Deputy Presidents. Reporting to Lu Tiangui are Deputy Presidents Zhao Yuanxin, Shen Qiang, Hu Gang, Xie Zhibin, He Jinsong, Gu Lingyun, and Jin Xinian. For comparison, Shanghai Pudong Development Bank, a peer that has also surpassed the RMB 10 trillion asset mark, currently has only four Deputy Presidents.
An analysis of this management arrangement reveals two key tendencies under Fang Heying. First, there is an infusion of fresh talent. With the exception of Hu Gang and Xie Zhibin, the other Deputy Presidents have joined the senior management team within the last two years. For instance, He Jinsong was appointed Deputy President in October 2024, while Gu Lingyun and Jin Xinian were officially approved as Deputy Presidents starting in 2025. Second, there is a trend towards a younger leadership team. Hu Gang, Xie Zhibin, and He Jinsong were all born in the 1960s, aged 59, 57, and 58 respectively. In contrast, the four newly appointed Deputy Presidents—Zhao Yuanxin, Shen Qiang, Gu Lingyun, and Jin Xinian—are all from the 1970s generation.
Examining the backgrounds of these seven Deputy Presidents reveals distinct and noteworthy profiles. Shen Qiang holds a Ph.D. in Management from the University of Chinese Academy of Sciences and currently serves concurrently as a Director and Chief Executive Officer of CITIC Bank (International) Limited, a Council Member of the 19th Board of the Hong Kong Chinese Enterprises Association, and Vice President of the Hong Kong Institute of Bankers, demonstrating strong familiarity with overseas operations. Hu Gang also currently serves as a Director of CITIC Bank (International) Limited. Prior to joining CITIC Bank, Hu Gang worked in the Political Department of the Hunan Provincial People's Procuratorate, the General Office of the Hunan Provincial Party Committee, Hunan Zhongli Industrial Group, and Hunan Changsha Xiangcai Urban Credit Cooperative.
It is common practice for CITIC Bank's Deputy Presidents to hold concurrent executive positions in its subsidiaries, reflecting the bank's emphasis on subsidiary development. For example, Xie Zhibin concurrently serves as Chairman of CITIC Baixin Bank and as a Director of Altyn Bank.
Each Deputy President has clearly defined responsibilities covering various business lines including risk control, corporate banking, regional operations, overseas finance, and internet banking. In 2025, Hu Gang stepped down from his role as Chief Risk Officer, with Jin Xinian succeeding him to oversee risk management. Gu Lingyun concurrently serves as General Manager of the Corporate Banking Department and as a Director of CITIC (Hong Kong) Investment Limited. He Jinsong concurrently holds the positions of Party Committee Secretary and President of the Beijing Branch.
Their career histories indicate that CITIC Bank favors Deputy Presidents who are versatile talents with both head office experience and frontline operational历练 (practical experience). For instance, Zhao Yuanxin is an executive who rose through the ranks from frontline roles, having served as Party Committee Secretary and President of the Nanchang, Suzhou, and Shanghai branches. Jin Xinian previously worked at Agricultural Bank of China before joining CITIC Bank in 2017. He has held positions including General Manager of the Investment Banking Department, General Manager of the Corporate Banking Department, and President of the Guangzhou Branch, and was appointed General Manager of the Head Office Credit Execution Department in November 2024. Gu Lingyun has worked at the Hangzhou Branch and also served as Deputy General Manager (in charge) of the Head Office Inclusive Finance Department, and as Party Committee Member, Vice President (in charge), Party Committee Secretary, and President of the Head Office Asset Management Business Center.
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