Agricultural Bank of China Ltd <1288.HK><601288.SS>, the country's third-largest bank by market value, said on Friday that its chairman, Xiang Junbo, has resigned.
Xiang resigned due to the need of state financial work, Agbank said in a brief statement filed with the Hong Kong stock exchange.
Mr. Xiang Junbo has confirmed that he has no disagreement with the board and does not have any matters in relation to his resignation that should be brought to the attention of the shareholders of the bank, Agbank said.
Sources told Reuters that the 54-year-old war hero-turned-banker, was expected to become the chairman of the China Insurance Regulatory Commission as part of a sweeping reshuffle of Communist Party leadership that will culminate this year.
For a copy of the statement, please http://www.hkexnews.hk/listedco/listconews/sehk/20111028/LTN20111028568.pdf
(Editing by Chris Lewis)