Bi Mingjian will step down as chief executive of state-backed CICC after helping revive the equity capital markets and securities broking businesses of China’s first investment bank.
The head of investment banking at CICC, Huang Zhaohui, will replace him, according to a company statement, taking a role previously held by some of China’s most powerful political elite.
David Bonderman, the American billionaire and founding partner of US private equity group TPG Capital, will also step down as a non-executive director, in one of seven personnel changes to CICC’s board.
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