(Yicai) July 9 -- Ping An Bank will relocate some of its employees to Shenzhen from Shanghai, as part of the Chinese joint-stock commercial lender’s business framework adjustments, according to an insider.

Ping An Bank will advance its business adjustments while abiding by laws and regulations, maintaining business stability, and protecting the rights and interests of staffers moving to Shenzhen, an insider at the Shenzhen-based company told Yicai, without revealing the number of employees set to be transferred.

Market rumors circulating on social media for several days claimed Ping An Bank had already notified its Shanghai staff working for the firm’s retail and technology departments under the head office that they would have to move back to Shenzhen. 

After transferring the employees to Shenzhen, it will be easier for Ping An Bank to manage its staff, another source told Yicai, noting that the move will also lower the company’s costs of traveling between the two cities and reduce the influence of headquarters’ staffers on branch operation.

Ping An Bank’s business framework adjustments have already been completed at the firm’s head office, while those at its branches are still ongoing, President Ji Guangheng said during the 2023 earnings conference call in March.

According to Ping An Bank’s latest annual report, the company’s HQ had 32 first-level departments as of Dec. 31, down from 43 a year earlier.

Editors: Tang Shihua, Futura Costaglione