Shenzhen bank's foreign president resigns

The president of China's first foreign-controlled domestic bank has resigned, the Wall Street Journal reported. Shenzhen Development Bank told the Shenzhen Stock Exchange that Jeffrey Williams resigned Saturday, but did not give a reason in its disclosure. Williams became president in December 2004 when US private-equity firm Newbridge Capital acquired a 17.89% stake, becoming the mid-size lender's biggest shareholder. Frank Newman, chairman and CEO of the bank, said the resignation will have little impact on the bank's operations and said there would be no acting president while a replacement was found. Williams and Newman are among a small number of non-Chinese nationals that have served in top management positions at listed Chinese companies.