The former chairman of a bank with more than $500 billion in assets was ousted.


The former chairman of the bank, which has assets of more than 500 billion yuan, has been investigated, just over a month after he resigned.Chen Xiaoming, former party secretary and chairman of Jiangxi Bank Co., LTD., is under disciplinary investigation by the Jiangxi Provincial Commission for Discipline inspection and supervision on Suspicion of serious violations of discipline and law, according to the jiangxi Provincial commission for Discipline Inspection and Supervision on March 25.Subsequently, the official website of Bank of Jiangxi announced that the Party Committee of Bank of Jiangxi resolutely supported the disciplinary examination and supervision investigation on Chen Xiaoming, expressing its full cooperation with the provincial Commission for Discipline Inspection and supervision investigation on Chen Xiaoming’s suspected serious violation of discipline and law, and actively performed relevant work as required.More than six years at the helm of jiangxi bank just resigned in February on February 22, Hong Kong listed companies in jiangxi province, according to the bank announced chairman xiao-ming Chen on February 21, submit a written resignation to the board, because of personal reasons to resign from the bank, executive director of the strategic committee and director of the committee member and chairman of the board of directors, the board of directors, no longer any bank positions.March 25, Jiangxi Bank on the resignation of the chairman of the supplementary notice.Chen Xiaoming was the first chairman of jiangxi Bank after its establishment.Chen xiaoming has been at the helm of the bank for more than six years, starting in 2015 when he became chairman, and was awarded the National May Day Labor Medal by the All-China Federation of Trade Unions in 2017.Earlier, news about Chen’s attendance at a meeting was posted on the “Jiangxing News” section of the bank’s official website on January 17 this year.According to the salary distribution information disclosure notice of Jiangxi Bank in 2020, Chen Xiaoming’s pre-tax salary in 2020 is 1.935 million yuan (excluding insurance, provident fund, etc.).According to the public information of bank of Jiangxi’s Hong Kong stock listing during his tenure as chairman, Chen Xiaoming was born in November 1966. He received his bachelor’s degree in infrastructure Finance and Credit from Jiangxi University of Finance and Economics (now known as Jiangxi University of Finance and Economics) in 1988 and his doctor’s degree in industrial Economics from Jiangxi University of Finance and Economics in June 2008.Chen xiaoming has been working in banking since graduation.He joined CCB Nanchang Branch in 1988 and served successively as a member of the CPC Committee and Vice President of CCB Nanchang Branch in Jiangxi Province.In 1999, he served as deputy General manager of Business Department of CCB Jiangxi Branch, and then promoted to general Manager of Planning finance Department of CCB Jiangxi Branch.In 2006, Chen Xiaoming joined Nanchang Commercial Bank and served as deputy Secretary of the Party Committee, President and Vice Chairman of the Bank. In 2008, the bank was renamed Bank of Nanchang. Chen Xiaoming continued to serve as president and was promoted to party Secretary, chairman and president at the beginning of 2012.In December 2015, Bank of Nanchang absorbed and merged Jingdezhen Bank, changed its name to Jiangxi Bank, and introduced jiangxi Communications Investment Group Co., LTD., Jiangxi Financial Holding Group Co., Ltd. and other shareholders through private capital increase and share expansion.As chairman of Bank of Nanchang at the time, Chen xiaoming became chairman of Bank of Jiangxi in December 2015 and remained there until February this year.Under Chen xiaoming at the helm, Bank of Jiangxi went public on the Hong Kong Stock Exchange in June 2018, becoming the first financial company in Jiangxi province to go public.According to the bank’s 2021 annual report, the total assets of Bank of Jiangxi just exceeded 500 billion yuan at the end of 2021.File photo: Bank of Jiangxi is listed on the main board of the Stock Exchange of Hong Kong in Hong Kong, June 26, 2018.As of December 31, 2021, the total assets of Bank of Jiangxi are 508.560 billion yuan.In 2021, the bank’s operating revenue rose 8.4% to 11.14 billion yuan, and its annual net profit attributable to shareholders rose 11.4% to 2.07 billion yuan.In recent years, the performance of Jiangxi Bank is not stable.From 2018 to 2020, the profitability of Jiangxi Bank declined repeatedly, and the net profit of the bank was 2.734 billion yuan, 2.051 billion yuan and 1.859 billion yuan respectively, with year-on-year growth rates of -4.6%, -24.98% and -9.34% respectively.The net profit of 2021 has not recovered to the level of 2018.Jiangxi Bank’s non-performing loan ratio has been high in recent years.At the end of 2021, the non-performing loan ratio of Jiangxi Bank was 1.47%, the best level since the bank was established in 2015.In the first three quarters of 2021, the non-performing loan ratio of Jiangxi’s banking sector was 1.17 percent, 1.17 percent and 1.22 percent, respectively, according to CBRC data.Jiangxi bank’s non-performing loan ratio is still higher than the average of the banking industry.According to the 2021 annual report of Jiangxi Bank, the growth rate of loans in Jiangxi Bank was 13.4 percentage points higher than the growth rate of assets last year, and the proportion of loans in total assets rose significantly to 54.6%.In addition, its 2021 semi-annual report shows that the non-performing loan ratio of the real estate industry is high, the loan amount of the real estate industry is 8.998 billion yuan, the non-performing loan amount is 293 million yuan, the non-performing loan ratio increased by 1.35 percentage points to 3.25% compared with 1.9% at the end of 2020.Bank of Jiangxi’s Hong Kong shares closed at HK $1.66 on March 25 after falling as low as HK $1.44, down 1.19% on the day.Bank of Jiangxi Hong Kong stock trend chart.It is worth mentioning that Bank of Jiangxi just welcomed a new president in January 2022.On January 10, Bank of Jiangxi announced that the board of directors approved the appointment of Luo Xiaolin as the executive director of the bank.At the same time, the board of Directors adopted a resolution to appoint Luo Xiaolin as president of Jiangxi Bank.Luo Xiaolin was appointed president of Jiangxi Bank and former deputy director of Jiangxi Provincial Financial Supervision Bureau.Before Luo Xiaolin became president of Bank of Jiangxi, the last official president of Bank of Jiangxi was Luo Yan, but Luo Yan was dismissed on October 15, 2021.On October 15, 2021 in jiangxi province, according to the bank announced that the board of directors consider assessment, management style and concept is not in conformity with the bank’s business development and actual demand, therefore, consider the bank and the overall best interests of the shareholders, advice from Luo Yan as executive director, zhang, vice chairman of the board of directors, the strategy committee of the board members, remuneration and nomination committee members,Dismiss the governor.Chen Xiaoming, then chairman, acted as president until the appointment of the new president took effect.The announcement also said Ms. Luo had objected to her removal.Source: Chinanews.com

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