Head of China Orient Asset Management Co Mei Xingbao will retire soon, and vice-president Zhang Ziai, who is also the chairman of Dongxing Securities, will be his successor, the National Business Daily reported Tuesday.
Zhang will be the company's third president since it was founded in 1999.
China Orient Asset was founded with a registered capital of 10 billion yuan ($1.46 billion), conducting the business of purchasing, managing and disposing of non-performing loans from financial institutions. It plans to develop more financial business, according to the report.
