On the evening of November 13, Jiangsu Changshu Rural Commercial Bank Co., Ltd. (Changshu Bank) announced that its executive director and president, Bao Jian, had submitted a written resignation due to work adjustments. He stepped down from his roles as executive director, member of the Board's Strategy and Rural Financial Services Committee, and president, and will no longer hold any position at the bank.
Bao Jian, born in October 1981, holds a bachelor's degree. He started his career as a teller at Changshu Bank and gradually rose through the ranks, serving in various roles including credit officer, client manager, and assistant general manager. From December 2020 to September 2022, he served as vice president of Changshu Bank before resigning to join Jiangnan Rural Commercial Bank as a party committee member and vice president. He returned to Changshu Bank as president in 2023, becoming the youngest president among A-listed banks at the time.
On the same day, the bank's board approved the appointment of Lu Dingchang as president and chief compliance officer. Lu's executive qualification is pending approval from the Suzhou branch of the National Financial Regulatory Administration. Until then, he will act as interim president.
Similar to Bao Jian's career path, Lu Dingchang was internally promoted by Changshu Bank, having just been appointed vice president in 2022. Born in 1986, he is poised to become the youngest president among A-listed banks. His previous roles include credit officer, assistant general manager, and head of inclusive finance at the bank.
Alongside the leadership change, Changshu Bank also saw adjustments in its vice presidents. Li Yong resigned as vice president due to work adjustments, having joined the bank in 2022 to oversee risk management. The bank appointed Zhang Kangde and Ni Jianfeng as new vice presidents.
Zhang Kangde has limited banking experience, having previously served as deputy party secretary and mayor of Shajiabang Town in Changshu. Ni Jianfeng, on the other hand, brings extensive experience from Wuxi, having held various positions in rural commercial banks in the region.
With the promotion of a vice president to president and the addition of two new vice presidents, Changshu Bank is forming a new leadership structure. However, challenges lie ahead for the successors.
In recent years, Changshu Bank has maintained steady double-digit growth and was the only listed bank with a net interest margin exceeding 2%. However, its latest quarterly report shows signs of slowing growth, with operating revenue reaching 9.052 billion yuan in the first three quarters, up 8.15% year-on-year, and net profit attributable to shareholders rising 12.82% to 3.357 billion yuan.
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