The Shenzhen Development Bank's (SDB) annual shareholders meeting has approved seven high-level executives from Ping An Insurance (Group) Co of China to be named as directors of the bank,the China Business News reported on Friday.
The meeting on Thursday approved Richard Jackson, former president of Ping An Bank, a subsidiary of the Ping An Group, and Chen Wei, former vice president of Ping An Bank, to be appointed as executive directors of the board of SDB.
The meeting also approved five other former executives from Ping An Group to be appointed as non-executive directors of the board of SDB.
When asked about how Ping An Bank will integrate with the SDB, the outgoing chairman of SDB Frank Newman said there has not been specific integration plan for Ping An Bank and the SDB.
This was the last annual shareholders meeting presided by Frank Newman. Newman will resign from all his posts after the China Banking Regulatory Commission (CBRC) gives the nod for appointment of Xiao Suining, SDB's current president, as chairman.
Newman will continue serving as senior consultant for the bank until December.
Ping An Group became the largest shareholder of SDB on May 7 this year.
The CBRC gave the green light to SDB's share sale to Ping An Life Insurance on June 11.
