China CITIC Bank: President resigns, capital injected, bonds redeemed

China CITIC Bank Corp (SSE:601998) announced the resignation of its President, Liu Cheng, effective February 20, 2025, due to a job change. Simultaneously, the bank's board approved a capital injection into its wholly-owned subsidiary, CITIC Financial Leasing, with a cash infusion of 3 billion RMB, funded by transferring retained profits. This move will increase CITIC Financial Leasing's registered capital from 4 billion to 10 billion RMB. Furthermore, China CITIC Bank also announced that its outstanding convertible bonds ("中信转债", SSE:113021) will be redeemed at 111 RMB per bond, with trading ceasing on February 27, 2025, and delisting occurring on March 4, 2025. These changes signal a period of strategic realignment, involving leadership changes, subsidiary strengthening, and the settlement of outstanding debt obligations.