What’s new: AVIC Trust Co. Ltd., a financial business unit of the state defense conglomerate Aviation Industry Corporation of China Ltd. (AVIC), has appointed senior executive He Tangbing as its new chairman, filling a vacancy that has been open for more than a year since the former chairman stepped down in connection with a graft probe.
He, AVIC Trust’s deputy general manager since mid-2021, has been named the company’s chairman and legal representative after being approved by the board of directors and shareholders, the Jiangxi-based trust firm said Wednesday.
He has overseen AVIC Trust’s asset service trust business, which had more than 130-billion-yuan ($18.3 billion) worth of assets under management as of August, providing services such as wealth planning and intergenerational inheritance. Since October, He has acted as general manager at AVIC Trust.
Before joining the trust, He gained much experience working in the property insurance subsidiary of China Life Insurance Co. Ltd., the country’s largest insurer.
Background: The appointment of He comes more than a year after AVIC Trust’s former chairman Yao Jiangtao resigned citing personal reasons.
Caixin reported in December 2022 that Yao, along with deputy general manager Wei Yinghui, were under investigation in relation to a graft crackdown on Jiangxi’s financial system.
The Central Commission for Discipline Inspection in May confirmed the investigation into Yao and Wei.
Established in 2009, AVIC Trust in 84.4% owned by AVIC and 15.6% held by Singapore’s Oversea-Chinese Banking Co. Ltd.
By the end of 2022, AVIC Trust had total assets of 20.2 billion yuan, with 630-billion-yuan assets under management. Its unaudited first half revenue totaled 1.1 billion yuan. Net profit reached 435 million yuan.
Contact reporter Han Wei (weihan@caixin.com)
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