Lu Wei Appointed as Deputy General Manager of Postal Savings Group, Set to Become President of PSBC

On December 23, it was reported that Lu Wei, President of China CITIC Bank, has been transferred to serve as a member of the Party Leadership Group and Deputy General Manager of Postal Savings Group, with plans to assume the role of President at Postal Savings Bank of China (PSBC).

Liu Jianjun, a member of the Party Leadership Group and Deputy General Manager of Postal Group, as well as Secretary of the Party Committee and President of PSBC, has now reached the age of 60.

Born in the 1970s, Lu Wei is a veteran of China CITIC Bank, having joined in 1997. He has held key positions across multiple branches, accumulating extensive financial management experience. In October 2022, Lu left CITIC Bank to become Secretary of the Party Committee at CITIC Trust, later approved as General Manager and Chairman. Returning to CITIC Bank in February this year, he was appointed Deputy Secretary of the Party Committee and confirmed as President in April, with a career spanning front, middle, and back offices in banking and trust sectors.

During his tenure as President, Lu emphasized CITIC Bank’s shift from scale-driven growth to a focus on profitability and quality, underpinning its financial performance. He also advanced the "Five Key Themes" and "Five Leading Strategies," proposing wealth management as a new growth driver.

Lu Wei, born in October 1971, holds CPA qualifications in China, Hong Kong, and Australia, with a master’s degree in accounting from Deakin University. His career began in 1994 at Beijing Youth Industrial Group before joining CITIC Bank in 1997. Over the years, he held roles including Deputy General Manager of the Planning and Finance Department, General Manager of the Financial Accounting Department, and Director of the Asset and Liability Management Department.

In 2017, Lu joined CITIC Bank’s senior leadership as Board Secretary and later served as Secretary of the Party Committee and President of the Shenzhen Branch. Appointed Vice President in 2020, he transitioned to CITIC Trust in 2023, becoming Chairman. Returning to CITIC Bank in February this year, he was confirmed as President in April.

PSBC’s executive team also includes Executive Director and Vice President Yao Hong, Vice Presidents Xu Xueming and Du Chunye, Chief Information Officer Niu Xinzhuang, Discipline Inspection Secretary Hu Jianpo, and Retail Business Director Liang Shidong.

Under Lu’s leadership, CITIC Bank reported strong H1 2023 results, with total assets reaching RMB 9.86 trillion, net profit up 2.78%, and a stable NPL ratio of 1.16%. Lu highlighted the bank’s commitment to "steady, balanced, and sustainable growth," stressing revenue enhancement across assets, net interest margins, and non-interest income.

In a 2023 article, Lu, as CITIC Trust’s General Manager, underscored the trust industry’s role in financing, wealth management, and market development amid a challenging transition. He advocated for a client-centric approach, reinforcing trust and fiduciary responsibilities while adapting business models for long-term health.