(Yicai Global) April 10 -- The head of Bank of Communications, China's fifth-largest commercial lender, will chair sovereign wealth fund China Investment, filling a position left vacant for two years.

BoCom Chairman Peng Chun will take on the role, according to a statement from the Beijing-based institution, adding that Deputy General Manager Ju Weimin will be promoted to general manager to replace Tu Guangshao, who is retiring. BoCom also confirmed in a statement that Peng would leave his position at the Shanghai-based bank, with Vice Chairman Ren Deqi taking over his duties for now.

Peng, 57, served as deputy general manager of China Investment from 2010 to 2013, and has worked at BoCom for a combined 23 years. He had a hand in some of the bank's most important recent events such as financial restructuring, the introduction of foreign capital and listing. Peng had been chairman since last February.

Founded in 2007, China Investment mainly works on overseas investment management, with total assets worth about USD941 billion as of the end of 2017. Former Chairman Ding Xuedong became deputy secretary-general of the State Council, China's cabinet, in February 2017. The position had been vacant ever since.

Editor: William Clegg