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VENTURES AFRICA – Africa’s biggest bank by assets, Standard Bank, on Thursday said two non-executive directors have retired from its board.
JSE-listed lender said deputy chair Hongli Zhang and director Yagan Liu retired with immediate effect.
In their places, the lender immediately appointed Yang Kaisheng and Wang Wenbin as non- executive directors. Kaisheng has also been hired to be Deputy Chairman.
To keep check of its 20 percent interest in Standard Bank, the Industrial and Commercial Bank of China (ICBC) has always nominated two non-executive directors for board appointment at the lender.
When ICBC acquired 20 percent of Standard Bank in 2008, it was also agreed that one of the two non-executive directors would also be deputy chairman.
Kaisheng joined ICBC in 1985 and served in many positions including as Deputy Chairman of the Board of Directors.
Wenbin joined ICBC in 2000, serving as Senior Executive Vice President of ICBC Xi’an Branch from November 2011 to September 2013.
Standard Bank has in recent years resolved to focus on the African market, retreating from markets like Argentina and Russia. The continent remains a favourite destination for Chinese investment.