China Construction Bank's vice chairman and president, Chang Zhenming, will resign and return to state-owned financial conglomerate CITIC Group, the Wall Street Journal reported. The bank's statement, issued late yesterday, gave no specific reason for Chang's resignation, saying only that he is leaving "because of the needs of China's financial development and reforms". It is the second top-level personnel shake-up in a little over year at the Hong Kong-listed state bank after previous chairman, Zhang Enzhao, resigned amid a corruption probe just four months before the bank raised US$9.2 billion in its initial public offering last October. Before joining CCB in July 2004, Chang served his entire career at companies within CITIC Group.
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