Minsheng Bank announces bn-yuan connected transactions, board changes

China Minsheng Banking Corporation Limited (CMBC) held its Ninth Board of Directors' Fifth Interim Meeting, approving several key resolutions. The bank will enter into daily connected transactions with China Great Wall Asset Management Co., Ltd. and its affiliates, New Hope Group Co., Ltd. and its affiliates, ICBC Financial Asset Investment Co., Ltd., and Shenzhen Qianhai WeBank Co., Ltd.

The total projected transaction volume is significant. China Great Wall Asset Management Co., Ltd. and its affiliates are estimated to receive yuan 592 bn over two years, requiring shareholder approval. New Hope Group Co., Ltd. and its affiliates are approved for yuan 120 bn, ICBC Financial Asset Investment Co., Ltd. for yuan 100 bn, and Shenzhen Qianhai WeBank Co., Ltd. for yuan 98 bn, each with a two-year validity.

In a related development, zhao peng resigned as a non-executive director due to personal reasons. Concurrently, the board nominated zhang zhen as a non-executive director candidate and appointed huang hongri as chief compliance officer, both pending regulatory approval. These changes aim to support CMBC's operational stability and strategic direction. The connected transactions, conducted at market rates, are deemed normal banking activities with no adverse impact on the bank's operations or financial health.