Shenzhen Development Bank (SDB; 000001.SZ) has announced a major management reshuffle that will also see the lender’s current chairman step down, state media reported. SDB said Frank Newman, who is also the chief executive, will resign but will stay on as a senior advisor until the end of the year; residing president Xiao Suining will replace Newman as chairman. SDB will appoint Richard Jackson, formerly president of Ping An Bank, as its new president. Ping An said it will raise its stake in SDB to as much as 30% by the end of 2010 in its bid to establish itself as a financial conglomerate. The insurer in March denied reports that it would delist the Shenzhen bank to merge it with its own banking unit.
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