At its annual shareholders' meeting for 2025 held recently, China Minsheng Banking Corp.,Ltd. approved the election of Zhang Zhen as a non-executive director. Zhang Zhen currently serves as the Deputy General Manager (in charge of operations) of Dajia Asset Management. As of the end of the first quarter, Dajia Life Insurance collectively holds a 16.79% stake in Minsheng Bank. Liang Xinjie, the current General Manager of Dajia Property & Casualty Insurance, also serves as a non-executive director of the bank.
Headquarters Personnel Adjustments
This report focuses on mid-level personnel changes at Minsheng Bank, involving leaders of the headquarters' Personal Finance Department, Wealth Management & Private Banking Department, and Credit Card Center, as well as deputy heads of several first-tier branches.
Sun Xing, General Manager of the Headquarters Credit Card Center, will no longer concurrently hold the position of General Manager of the Headquarters Personal Finance Department. Sun Xing has extensive frontline branch experience and cross-regional management expertise, having previously served as Deputy Head of the Jinan Branch, Head of the Urumqi Branch, and Head of the Hefei Branch at Minsheng Bank. He was appointed General Manager of the Headquarters Credit Card Center in September 2025.
Huang Jin, General Manager of the Headquarters Wealth Management/Private Banking Department, is slated to become the new General Manager of the Headquarters Personal Finance Department. Born in 1980 and holding a Master's in Finance from Deakin University in Australia, Huang Jin's career at Minsheng Bank includes roles as Deputy General Manager and later General Manager of the Private Banking Department at the Kunming Branch, General Manager of the Personal Finance Department at the Kunming Branch, Assistant to the President and Deputy Head of the Guiyang Branch, and Deputy General Manager of the Headquarters Personal Finance Department. He has been serving as General Manager of the Headquarters Wealth Management/Private Banking Department since 2021. Currently, Huang Jin also holds directorships at Minsheng Wealth Management and serves as a supervisor at National Pension Insurance Co., Ltd.
Additionally, it has been learned that Wang Zhixia, former Deputy General Manager of the Headquarters Financial Institutions Department at Minsheng Bank, has joined National Pension Insurance Co., Ltd. as a Deputy Department Head.
Chen Cong, Deputy Head of the Wenzhou Branch, is proposed to become the Deputy General Manager of the Headquarters Credit Card Center. Chen Cong has been serving as Deputy Head of the Wenzhou Branch since January 2025.
Sun Jie, Director of the Promotion Center within the Headquarters Wealth Management/Private Banking Department, has been transferred to the Nanjing Branch as a member of the Party Committee.
Retail Business Performance
Regarding its retail business, Minsheng Bank continues to refine its tiered customer management strategy, upgrade its product and service systems, and strengthen digital and intelligent operational capabilities. This has led to a continued increase in the scale and proportion of personal deposits. However, a decrease in the scale of micro and small enterprise loans and credit card loans resulted in a 5.18% year-on-year decline in the total personal loan portfolio by the end of 2025.
As of December 31, 2025, Minsheng Bank's retail loans (including credit card overdrafts) totaled 1,660.982 billion yuan, a decrease of 89.779 billion yuan from the end of the previous year, representing a 5.13% drop. Within this, credit card overdrafts amounted to 432.460 billion yuan, down 44.787 billion yuan from the end of the prior year.
Data from the first-quarter report shows that as of March 31, 2026, Minsheng Bank served 144.9467 million retail customers, including 5.0017 million premium clients—an increase of 217,700 from the end of the previous year, up 4.55%. The total assets under management for retail clients reached 3,423.528 billion yuan, a 4.25% increase from the end of the previous year. Assets from Gold Card and above clients amounted to 2,942.516 billion yuan, a 4.20% increase.
During the reporting period, Minsheng Bank generated wealth management fee income of 1.659 billion yuan, an increase of 555 million yuan year-on-year, representing a growth of 50.27%.
Branch-Level Appointments
Recently, regulatory approvals have been granted for the appointments of several deputy heads at first-tier branches of Minsheng Bank.
On June 17, Hu Xinquan was appointed Deputy Head of the Lanzhou Branch. He previously served as Assistant to the President and Deputy Head of the Baoji Branch, and as Head of the Xi'an Xidajie Sub-branch.
On June 3, Wang Jing was appointed Deputy Head of the Wuhan Branch. Her previous roles include Deputy Head (in charge) of the Wuhan Binjiang Sub-branch, Head of the Qingshan Sub-branch, and Head of the Donghu Development Zone Sub-branch.
On June 2, Jiang Yufang was appointed Deputy Head of the Fuzhou Branch. She previously served as Secretary of the Discipline Inspection Commission and Chief Risk Officer at the Foshan Branch, and as Business Director at the Guangzhou Branch.
On May 22, Chen Yi was appointed Deputy Head of the Tianjin Branch. A graduate of the University of Wales, Swansea, with a Master's in Financial Mathematics and Electronic Computing, Chen Yi joined Minsheng Bank in April 2006. Her previous positions include Deputy Department Head and Department Head in the Secretary's Office and Department Head in the Investor Relations Management Department. She joined Minsheng International in May 2017, holding roles such as Linkage Business Director at Minsheng International, Deputy General Manager of Minsheng Capital, and Deputy General Manager of Minsheng International, primarily responsible for domestic and overseas equity investment business.
Organizational Structure and Performance
In terms of its branch network, as of the end of 2025, Minsheng Bank had established 41 first-tier branches, 107 second-tier branches (including cross-regional sub-branches), and 2,389 sub-branch outlets within mainland China.
Notably, Minsheng Bank is accelerating the integration of its village and township banks. In 2025, the bank completed the acquisition of Pu'er and Nyingchi Minsheng Village Banks and established corresponding second-tier branches in those locations. Since the beginning of 2026, the bank has received regulatory approval to acquire five additional Minsheng Village Banks located in Ningjin, Tongnan, Tiantai, Tengchong, and Qijiang, and to establish branch offices there.
Regarding performance, in the first quarter of 2026, Minsheng Bank achieved operating income of 37.822 billion yuan, a year-on-year increase of 2.74%. Net interest income amounted to 25.571 billion yuan, up 2.84% year-on-year, primarily driven by an 82.761 billion yuan increase in the average daily balance of interest-earning assets and a decline in the cost rate of liabilities, which contributed to a 2 basis point year-on-year improvement in the net interest margin.
The bank reported a net profit attributable to shareholders of 11.514 billion yuan for the quarter, a decrease of 1.228 billion yuan or 9.64% compared to the same period last year. The bank explained that this was mainly due to increased efforts in disposing of non-performing assets.
In terms of asset quality, as of March 31, 2026, Minsheng Bank's total non-performing loans stood at 66.132 billion yuan, a slight decrease of 22 million yuan from the end of the previous year. The non-performing loan ratio was 1.46%, down 0.03 percentage points from the end of the previous year. The provision coverage ratio was 141.94%, a marginal decrease of 0.10 percentage points from year-end 2025.
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