Former title: Chen Yisong, Chairman of CMB Wealth Management, was approved as the Chairman of CITIC Trust
Journalists| Zeng Lingjun
On September 27, the CBRC issued an official reply on the qualification of Chen Yisong of CMB Wealth Management. The reply said that the qualifications of Chen Yisong, the director and chairman of CMB Wealth Management were approved.
In June 2020, Chen Yisong, then Chairman of CITIC Trust, resigned for personal reasons, leaving the trust industry after 14 years of hard work, and then joined CMB in February this year. Now, the qualification has been officially approved.
Chen Yisong, 52 years old, has worked in CITIC Industrial Bank citic securities 、 bank for economic construction 。 He joined CITIC Trust in August 2006 and successively held the posts of Deputy General Manager, General Manager, Vice Chairman, Chairman, etc.
In June 2014, Chen Yisong became the "top leader" of CITIC Trust, serving as the chairman and secretary of the party committee. During the period when Chen Yisong took the helm, CITIC Trust has always maintained its position of "First Brother" and its comprehensive strength has always ranked first in the industry. In 2019, both the revenue and net profit of CITIC Trust ranked first in the industry.
Therefore, the outside world also gave him more expectations for taking the helm of Zhaoyin Financial Management. "At present, the gradual standardization of regulatory policies and the continuous growth of residents' demand for maintaining and increasing the value of wealth have brought opportunities of the times to CMB financing at the start-up stage, and also brought new challenges to the financing business with years of development experience." Chen Yisong said in the message of the chairman.
Previously, the first chairman of CMB Wealth Management was China Merchants Bank Liu Hui, the president assistant, also serves as the president. Liu Hui resigned as assistant to the President in May this year. On July 8, 2021, Chen Yisong took over as the legal representative of CMB Wealth Management.
CMB Wealth Management was wholly established by China Merchants Bank with a registered capital of 5 billion yuan and officially opened in November 2019. China Merchants Bank said in its 2021 semi annual report that the scale of its financial products leaped to the first place in the market.
By the end of June, the balance of financial products managed by China Merchants Bank was 2.64 trillion yuan, up 7.76% from the end of the previous year; The total assets are 9.770 billion yuan, and the net assets are 9.031 billion yuan; During the reporting period, the operating revenue was 2.351 billion yuan, and the net profit was 1.557 billion yuan.
In March this year, CMB decided to introduce external strategic investor JPMorgan Asset Management (Asia Pacific) Limited (Morgan Asset Management) to increase the cash capital of CMB Wealth Management. If the capital increase is completed, Morgan Asset Management will hold 10% of CMB Wealth Management.
China Merchants Bank said that as the original shareholder of China Merchants Bank Wealth Management, it did not participate in this capital increase. After this capital increase, China Merchants Bank held 90% of the shares of China Merchants Bank Wealth Management, and still had control over China Merchants Bank Wealth Management.
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