On April 29, Bank of Communications disclosed its first-quarter report for 2026. From January to March this year, the bank achieved operating revenue of 69.618 billion yuan, a year-on-year increase of 4.89%. Net profit attributable to shareholders was 26.162 billion yuan, up 3.11% compared to the same period last year. As of the end of the first quarter, the bank's total assets reached 16,272.96 billion yuan, an increase of 4.66% from the end of the previous year.
On the same day, the bank issued an announcement regarding a board resolution. The board proposed to the shareholders' meeting the election of Jin Panshi, former Chief Information Officer of China Construction Bank, and Pan Yanhong, former Chairman of CPIC Life Insurance, as independent directors. Liu Lei was appointed as the bank's new Chief Information Officer. Upon approval of his appointment, Vice President Qian Bin will no longer serve as the concurrent CIO.
I. New Chief Information Officer
Liu Lei, born in 1972, holds a bachelor's degree in engineering from East China University of Science and Technology and is an engineer. He has served as General Manager of the Financial Technology Department and Dean of the Financial Technology Innovation Research Institute at Bank of Communications since 2025. His previous roles include Director of the Digital Transformation Office, General Manager of the Software Development Center, during which he also served as Chairman and President of BOCOM FinTech, and Deputy Head of the BOCOM FinTech Preparatory Group. He also held positions such as General Manager of the Software Development Center (Shanghai), Deputy General Manager and Assistant General Manager of the Software Development Center, Senior Manager of the Chief Engineer's Office, and Senior Manager of the First Development Department within the center.
According to the annual report, Bank of Communications continues to strengthen its top-level design for digital finance, establishing an Intelligent Operations Center to enhance centralized and efficient operations. The bank is deepening the innovative application of digital technologies and data elements, deploying over 2,500 AI assistants covering scenarios such as precision marketing, risk prevention and control, business process reengineering, and reducing the burden on grassroots staff.
In 2025, Bank of Communications' investment in financial technology reached 12.342 billion yuan, an increase of 6.81% year-on-year, accounting for 5.78% of its operating revenue, up 0.32 percentage points from the previous year. The bank is also fully advancing its plan to employ ten thousand technology professionals. By the end of 2025, the group had 9,782 financial technology personnel, an increase of 8.20% from the end of the previous year, accounting for 9.99% of the group's total workforce.
It is noteworthy that on May 7, former Chief Information Officer Hou Weidong was expelled from the Communist Party of China. The announcement mentioned that he had abused his power over financial technology resource allocation for personal gain. In response, Bank of Communications swiftly stated its firm support for the decision of the CPC Central Committee and pledged to comprehensively strengthen the supervision of power exercised by top leaders and key managerial personnel, improving mechanisms for power allocation and operational checks.
II. Leadership Change at BOCOM International Trust
On April 29, BOCOM International Trust announced that Director Xia Hualong would temporarily perform the duties of Chairman, following the removal of Zhang Wen from his position as Company Chairman. One week prior, on April 23, Zhang Wen was investigated for suspected serious violations of discipline and law.
Xia Hualong holds a doctoral degree. His previous roles include Vice Dean of the School of Humanities and Economics at China University of Geosciences, Senior Manager and Deputy General Manager of the Asset Custody Department at Bank of Communications, Vice President of the Asset Custody Business Center, Standing Committee Member and Vice Mayor of Qujing City, Yunnan Province (on secondment), Vice President and Chief Information Officer of BOCOM Schroder Fund Management Co., Ltd., and General Manager of the Pension Finance Department at Bank of Communications. He has been a Director of BOCOM International Trust since November 2025.
Not long ago, BOCOM International Trust welcomed a new President. On March 27, Yu Sang's appointment as Director and President of BOCOM International Trust was approved. The former President, Zhao Haihui, officially assumed the role of President of the Sichuan Provincial Branch of Bank of Communications in April this year.
The annual report also disclosed that in January 2026, Tang Yunyue ceased to serve as Vice President of BOCOM International Trust due to work changes. It is understood that Tang Yunyue has taken up the position of Deputy General Manager of the Pension Finance Department at the bank's headquarters.
Tang Yunyue is an intermediate economist, a certified public accountant (non-practicing), and holds a legal professional qualification. His previous positions include Deputy General Manager of the Budget and Finance Department, General Manager of Fiduciary Management, General Manager of the Asset Management Department, and Investment Business Director concurrently serving as General Manager of the First and Third Asset Management Departments at BOCOM International Trust. He was appointed Vice President of BOCOM International Trust in December 2018.
BOCOM International Trust Co., Ltd. commenced operations in October 2007 with a registered capital of 5.765 billion yuan. Bank of Communications and Hubei Provincial Communications Investment Group Co., Ltd. hold 85% and 15% of the equity, respectively. As of the end of 2025, BOCOM International Trust had total assets of 20.457 billion yuan and net assets of 17.660 billion yuan. The scale of assets under trust management was 730.601 billion yuan, a year-on-year increase of 10.78%. The company achieved a net profit of 809 million yuan in 2025.
III. Appointments Finalized for Deputy Presidents of Multiple Provincial Branches
Recent regulatory approvals indicate that the appointments of deputy presidents for several provincial branches of Bank of Communications have been finalized, with details as follows:
On April 24, Han Fang was appointed Deputy President of the Ningbo Branch; he previously served as President of the Yinzhou Sub-branch in Ningbo and Director of the Ningbo Branch Office.
On April 22, Wei Zhengyong was appointed Deputy President of the Heilongjiang Provincial Branch; he previously served as Director of the Heilongjiang Branch Office and General Manager of the Human Resources Department.
On April 13, Xu Zheng was appointed Deputy President of the Liaoning Provincial Branch; he previously served as Senior Manager in the Credit Approval Department at the bank's headquarters.
On April 3, Wang Miao was appointed Deputy President of the Shandong Provincial Branch; his previous roles include Deputy President of the Xuzhou Branch, Deputy President of the Yunnan Provincial Branch, and Senior Expert of the Jiangsu Provincial Branch.
On April 3, Huan Chuanlang was appointed Deputy President of the Suzhou Branch. Huan Chuanlang holds a bachelor's degree and is an economist. He previously served as Deputy General Manager of the Pre-Finance Department at the Jiangsu Provincial Branch. Since June 2015, he held positions including General Manager of the Financial Accounting Department at Bank of Tibet, Party Committee Member, Vice President, and Executive Director of Bank of Tibet, before returning to Bank of Communications in December 2021 after completing his tenure supporting Tibet.
As of the end of 2025, Bank of Communications operated 38 provincial-level and directly-administered branches, 217 prefecture-level city branches, and 2,821 business outlets. The provincial-level branches are located in 31 provincial capitals and municipalities, as well as seven other cities: Shenzhen, Ningbo, Qingdao, Dalian, Xiamen, Wuxi, and Suzhou.
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