(Yicai Global) March 25 -- The president and vice chairman of China Construction Bank has resigned from all posts and will take the reins at financial conglomerate Everbright Group, the lender, one of China’s ‘Big Four’, said yesterday.

Wang Jiang will succeed outgoing Everbright Chair Li Xiaopeng, who has held the position since 2017 and is about to retire, China Construction Bank said, without mentioning who will fill Wang’s shoes.

Beijing-based Everbright, which comprises over 10 big firms that cover the gamut of financial services from banking to securities to insurance, hinted that this was about to happen earlier this month when it posted a notice on its website saying that Wang would be secretary of the group’s Communist Party of China committee. For state-owned firms, the party secretary usually serves as chair as well.

59-year-old Wang started his career at China Construction Bank, working there for over a decade after getting his doctoral degree in economics from Xiamen University in southeastern Fujian province. He went on to hold a string of senior positions, including vice president of the Bank of Communications, president of the Bank of China and vice governor of the People’s Government of Jiangsu Province. He returned to China Construction Bank in February last year in the top role of president.

Everbright, which had assets of CNY6.38 trillion (USD1 trillion) as of June last year, is applying to set up a financial holding company. China’s central bank has received five applications so far and two were given the greenlight last week. Everbright’s application is one of those still under review, an industry insider told Yicai Global.

Editors: Tang Shihua, Kim Taylor