AgBank-H Shares : PBOC Lists For AgBank Executive Pan Gongsheng As New Deputy Governor
06/09/2012| 02:07am US/Eastern
By Aaron Back
BEIJING--China's central bank has appointed former Agricultural Bank of China Ltd. (1288.HK) executive Pan Gongsheng as a new deputy governor, its web site showed on Saturday.
The People's Bank of China made no official announcement, but its web site now lists Mr. Pan as one of four deputy governors, along with Hu Xiaolian, Liu Shiyu and Yi Gang.
Mr. Pan, aged 48, resigned as executive director and vice president of Agricultural Bank of China on Friday, according to a statement from bank, China's fourth-largest by assets.
Mr. Pan was involved in the bank's record US$22.1 billion initial public offering in 2010. And he was previously Board Secretary of Industrial & Commercial Bank of China Ltd., which raised US$22 billion when it floated on Hong Kong and Shanghai exchanges in 2006.
On Friday, when it was widely reported that Mr. Pan was headed for a central bank post, analysts said Mr. Pan's experience with the transformation of these state-owned lenders into publicly listed companies could indicate that he will be an advocate for more market-oriented reforms at the central bank. However, his policy views remain largely unknown.
"With his involvement to facilitate two of the country's biggest banks to go for public listings, Pan's move could bring market experience to the central bank, and could accelerate its effort to deregulate interest rates and push for market reform," said May Yan, banking analyst in Barclays PLC.
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