(Yicai Global) Jan. 24, Yi Huiman, chairman of state-backed Industrial and Commercial Bank of China, the world's largest commercial lender, is reportedly on track to become head of the China Securities Regulatory Commission.

The 55-year-old underwent a personnel investigation on Jan. 21 and an official appointment is just around the corner, an inside source told National Business Daily.

An anonymous source at the bank, which made a CNY240 billion (USD35 billion) profit over the first three quarters of last year, told Yicai Global that the lender had nothing to say on the matter for the time being.

Yi is renowned across China's financial world for rising through the ranks despite having only a secondary school education when he began his career in 1984 as a bank clerk. He became chairman of ICBC in 2016 after more than 30 years at the company.

Editor: James Boynton