Significant leadership changes have been completed at three major banks in Zhejiang's financial sector around the turn of the year. Following important executive adjustments at China Zheshang Bank two months prior, the two leading city commercial banks in the same province, Bank Of Ningbo Co.,Ltd. and Bank of Hangzhou, have almost simultaneously completed the renewal of their core management teams.
On one hand, Lu Huayu, who had been at the helm of Bank Of Ningbo Co.,Ltd. for over a decade, has formally stepped down. President Zhuang Lingjun has taken over as Chairman, while Vice President Feng Peijiong has been internally promoted to President. The qualifications for Zhuang and Feng's new appointments are still pending regulatory approval.
Regarding Bank of Hangzhou, an approval notice displayed on the official website of the National Financial Regulatory Administration's Zhejiang Bureau on February 28th confirmed the approval of Zhang Jingke's qualification to serve as President of Bank of Hangzhou.
Previously, following the appointment of a Vice President from Zhejiang Rural Commercial Bank Union as President of China Zheshang Bank—marking the first instance of senior executive exchange within Zhejiang's financial circle—industry speculation suggested that the President of Bank of Hangzhou, as well as the Chairman and President of Bank Of Ningbo Co.,Ltd., would also likely be "rotated" among important provincial financial institutions. However, it appears these speculations were unfounded, as the two leading city commercial banks with different focuses ultimately opted for internal selection plans.
This reflects a consensus among regional banks regarding leadership team development: selecting internal cadres who understand the business, are familiar with the bank's culture, and are in their prime years to address challenges posed by digital transformation and a complex macroeconomic environment.
For Bank Of Ningbo Co.,Ltd., the new leadership is headed by a Chairman born just before the 1980s and a President born just before the mid-1970s. The bank has also announced a valuation enhancement plan targeting new growth. As speculated from the list of board candidate disclosures in the bank's February 6th announcement regarding its 8th Board of Directors' 13th meeting resolution, the top two executive director candidates, Zhuang Lingjun and Feng Peijiong, have assumed the roles of new Chairman and President of Bank Of Ningbo Co.,Ltd., respectively.
On February 27th, Bank Of Ningbo Co.,Ltd. announced that its first meeting of the 9th Board of Directors reviewed and passed a proposal regarding the election of the Chairman, resulting in the election of Zhuang Lingjun as Chairman. The meeting also reviewed and passed a proposal regarding the appointment of the President, agreeing to appoint Feng Peijiong as President.
The qualifications for Zhuang and Feng's new roles still require submission to the Ningbo local financial regulatory bureau for approval. Pending this approval, the Board has designated them to act as Chairman and President pro tempore. This marks the official commencement of the "Zhuang-Feng" leadership era for this trillion-yuan asset city commercial bank, which is highly significant for an institution renowned for its stable management team.
Reviewing the resumes of the new Chairman and President indicates a continuation of internal talent succession at Bank Of Ningbo Co.,Ltd.. Public information shows Zhuang Lingjun was born in July 1979 and is a manager who grew from within the bank. He has held positions including Assistant General Manager of the Personal Banking Department, Deputy Head of the Shenzhen Branch, General Manager of the Risk Management Department, and Head of the Beijing Branch. He was appointed Vice President in October 2019, promoted to President in April 2022, and assumed the role of Vice Chairman from May 2022. His experience spans branch operations and key head office departments, with his tenure in risk management being particularly valuable for understanding the bank's core risk culture.
Feng Peijiong was born in November 1974 and has served in various departments including the Dongmen Sub-branch, Human Resources Department, Personal Banking Department, and Credit Card Center. He has been a Vice President since April 2015.
Both Zhuang and Feng are veterans with over 20 years of service at Bank Of Ningbo Co.,Ltd.. This model of selecting core executives from internal ranks greatly ensures the continuity of the bank's corporate culture and business strategy. The bank's leadership team is now predominantly composed of individuals born in the 1970s. This younger, more professional combination is viewed by the market as a crucial organizational safeguard for navigating the complex financial environment.
Concurrently with the personnel changes, Bank Of Ningbo Co.,Ltd. reviewed and passed a "Valuation Enhancement Plan." This plan explicitly states the commitment to serving the real economy and solidly executing the "Five Major Financial Articles." Notably, the bank emphasized its focus on shareholder returns, proposing to boost market confidence through steady, sustainable development and more proactive dividend policies, such as the interim dividend implemented in 2025. Against the backdrop of industry-wide valuation reassessment, Bank Of Ningbo Co.,Ltd. aims to shift from a focus on scale to high-quality valuation growth through meticulous improvements in operational quality and efficiency.
On the evening of January 20th, Bank Of Ningbo Co.,Ltd. released its 2025 performance快报, reporting annual operating revenue of 71.968 billion yuan, a year-on-year increase of 8.01%, and net profit attributable to shareholders of the parent company of 29.333 billion yuan, up 8.13% year-on-year. The non-performing loan ratio stood at 0.76%, indicating asset quality remains among the better levels in the industry.
For Bank of Hangzhou, the qualification of its new President Zhang Jingke, who hails from the technology business line, has been approved. The bank aims to leverage its geographical advantages, focusing on technology finance. Following closely, Bank of Hangzhou announced on March 1st that it had received regulatory approval, with the Zhejiang Bureau of the National Financial Regulatory Administration formally approving Zhang Jingke's qualification as President.
This concludes the filling of the key President position after it had been vacant for over half a year at Bank of Hangzhou. Similar to Bank Of Ningbo Co.,Ltd., Bank of Hangzhou also opted for an internal promotion for its President. Public information indicates Zhang Jingke was born in August 1978, holds dual academic backgrounds from Fudan University and Zhejiang Gongshang University, has a postgraduate degree, a Master's in Project Management, and holds a senior economist title. As a veteran of Bank of Hangzhou, he has served as Deputy Head of the Technology Sub-branch, Head of the Cultural & Creative Sub-branch, General Manager of the Asset Management Department, Party Committee Secretary and General Manager of the Technology & Cultural Creative Finance Business Department, and General Manager of the Human Resources Department. He was promoted to Vice President in September 2023, a role he has held for over two years.
With Zhang Jingke's appointment, Bank of Hangzhou's senior management team is now almost entirely composed of individuals born in the 1970s. This personnel structure aligns with the expectations of local government and regulators for listed banks with strong performance to seek progress while maintaining stability, facilitating a smooth management transition through internal executives familiar with the bank's foundational operations.
This personnel adjustment is a key step for the bank in aligning with regional development and implementing its new strategy. As 2026 marks the beginning of the 15th Five-Year Plan period, Bank of Hangzhou has laid out its "Three-Three-Six-Six" strategic plan. A core aspect of Zhang Jingke's role will be to deepen the distinctive features of its technology and cultural creative finance business.
Recently, Zhang Jingke stated in a media interview that technology finance is not only a key focus for the bank's specialized operations and differentiated development but also a golden nameplate that the bank intends to continue burnishing. As of the end of June 2025, Bank of Hangzhou's technology loan balance reached 115.18 billion yuan. It has cumulatively nurtured 327 companies for listing, covering 90% of the companies on Hangzhou's Unicorn and Near-Unicorn enterprise lists.
Bank of Hangzhou released its 2025 performance快报 on January 23rd, 2026. The report showed the bank achieved a net profit attributable to shareholders of the listed company of 19.03 billion yuan, a year-on-year increase of 12.05%. Operating revenue was 38.799 billion yuan, up 1.09% year-on-year. Total assets reached 2,364.902 billion yuan, an increase of 11.96% from the end of the previous year.
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