HONG KONG/BEIJING, May 10: China’s $482 billion sovereign wealth fund China Investment Corp is set to appoint a vice mayor of Shanghai as its new chairman, three sources with knowledge of the deal told Reuters on Friday.
Tu Guangshao will replace former CIC Chairman Lou Jiwei, who left the fund to become China’s current finance minister, the sources said.
They also said Industrial and Commercial Bank of China Vice President Li Xiaopeng will also join CIC as its head of supervisors.
On the other hand, Peng Chun, general manager of Central Huijin, a CIC unit, will leave the fund to head Bank of Communications as its president.
CIC was not immediately available for comment when contacted.
(AGENCIES)
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