The nearly 22-year-old CZBANK (China Zheshang Bank Co.,Ltd.), headquartered by the Qiantang River, has welcomed two new deputy presidents in their 50s, both with backgrounds at Bank of China.

On June 3, CZBANK announced that the National Financial Regulatory Administration (NFRA) had approved the qualifications of Zhou Weixin and Pan Huafeng for the positions of deputy president. Public information shows both are core executives born in the 1970s who previously built their careers within the Bank of China system, having served as deputy president of BOC's Anhui branch and head of the risk management department at BOC's Ningbo branch, respectively. Prior to these new appointments, both were Party Committee members and president assistants at CZBANK.

With their formal appointments, CZBANK's senior management team returns to a structure of "one president and four deputy presidents." Notably, among the current four deputy presidents, only Luo Feng is a senior executive who grew entirely from within CZBANK. The other three previously worked at major state-owned banks or other national joint-stock banks; for instance, aside from Zhou and Pan, Deputy President Jing Feng formerly served as general manager of the planning and finance department at China Minsheng Bank's Suzhou branch.

Changes in the leadership team of CZBANK have been significant since the end of last year. On December 31, 2025, the bank's board resolved to appoint new Chairman Chen Haiqiang, President Lu Linhua, and two deputy presidents, Zhou Weixin and Pan Huafeng. Concurrently, former Deputy President Lin Jingran, and President Assistants Wang Chaoming and Hou Bo resigned from their positions due to job adjustments. Now, with Zhou and Pan's qualifications approved, the new leadership team is officially formed.

Alongside the management reshuffle, 2026 marks the year CZBANK was first included in the list of Domestic Systemically Important Banks (D-SIBs), signifying a further enhancement of its industry standing. This achievement is underpinned by the bank's steady, cycle-resilient development. In the first quarter of 2026, CZBANK reported growth in both operating income and net profit, increasing by 0.5% and 0.72% year-on-year respectively. Non-interest net income grew by 4.7%, becoming a new engine for performance growth.

New Deputy Presidents with BOC Backgrounds: Zhou Weixin and Pan Huafeng Approved

After a six-month interval, CZBANK's senior management has returned to a "one president, four deputies" structure.

On June 3, CZBANK submitted an announcement to the Shanghai Stock Exchange stating that the NFRA had approved the qualifications of Zhou Weixin and Pan Huafeng for the deputy president roles. The bank's official website has been updated, listing, in addition to Chairman Chen Haiqiang, President and Chief Compliance Officer Lu Linhua, Deputy President Jing Feng, Deputy President and Board Secretary Luo Feng, Deputy President Zhou Weixin, and Deputy President and Chief Risk Officer Pan Huafeng.

It is reported that both new deputy presidents, Zhou and Pan, were born in the 1970s. Coincidentally, both also developed their early careers within the Bank of China system.

Zhou Weixin, born in June 1971, holds a bachelor's degree and professional titles of economist and senior certified credit analyst. He previously served as a Party Committee member and president assistant at the bank. He spent over 20 years at Bank of China, holding positions including president of BOC Zhoushan Branch, general manager of the risk management department, general manager of the office, and general manager of the personal finance department at BOC Zhejiang Branch, and deputy president of BOC Anhui Branch (during which, from November 2019 to December 2021, he served as a deputy mayor of Bengbu on secondment).

In 2022, Zhou Weixin joined CZBANK as president of its Zhejiang Business Headquarters. He was nominated as a president assistant at the head office at the end of that year, with his qualification approved by regulators in September 2023, officially joining the head office's senior management. In December 2025, he was appointed deputy president, with the qualification now approved.

The other new deputy president, Pan Huafeng, was born in January 1972, holds a bachelor's degree and the title of economist. He previously served as a Party Committee member, president assistant, and chief risk officer at CZBANK. Pan has extensive management experience in risk control and credit business. During his tenure at Bank of China, he served as deputy section chief of the credit management section and section chief of the risk management section at BOC Ningbo Branch, and as deputy head (acting head) and head of the risk management department at BOC Ningbo Branch.

After joining CZBANK in 2012, Pan Huafeng held positions including deputy secretary of the Discipline Inspection Commission, risk monitoring officer, president assistant, deputy president, secretary of the Discipline Inspection Commission, and president of the Ningbo Branch, and general manager of the head office's risk management department. He is one of the core leaders in the bank's risk management function. In May 2023, Pan was appointed as a president assistant at the head office, and at the end of the same year, he was also appointed chief risk officer, with his qualification approved in March 2024. In December 2025, Pan Huafeng and Zhou Weixin were simultaneously appointed deputy presidents of CZBANK, with their qualifications now approved.

Since the end of December last year, CZBANK's senior management team has undergone substantial adjustments. Concurrent with the nominations of Zhou and Pan as deputy presidents, the bank also changed its chairman and president—the "quasi-post-75" President Chen Haiqiang was promoted to chairman, while Lu Linhua, deputy president of Zhejiang Rural Commercial United Bank, was parachuted in to fill the president role. At the same time, Deputy President Lin Jingran, and President Assistants Wang Chaoming and Hou Bo resigned from their positions due to job adjustments.

It is worth noting that CZBANK once had the highest number of president assistants among the "6+12" national banks, reaching four in 2025. However, with the formal appointment of Zhou and Pan, the number of president assistants at CZBANK is temporarily "zeroed out," with those senior positions now vacant.

First Inclusion as a Domestic Systemically Important Bank, with Dual Growth in Income and Profit in Q1

While the management team continues its "relay," 2026 is also a year of rating elevation for CZBANK.

On February 13, the People's Bank of China and the National Financial Regulatory Administration jointly released the 2025 list of Domestic Systemically Important Banks. Among the total of 21 institutions on the list, CZBANK made its debut as a new entrant compared to the previous version.

Reviewing its recent development, CZBANK's performance in scale expansion, risk control, and serving the real economy is commendable. Its strategic focus on areas such as SME financing, regional finance, and digital finance aligns closely with current financial regulatory priorities.

As of the end of March 2026, CZBANK's total assets exceeded 3.7 trillion yuan. During the reporting period, the bank achieved growth in both operating income and net profit, with operating income reaching 17.190 billion yuan, a year-on-year increase of 0.5%, and net profit attributable to shareholders reaching 5.992 billion yuan, up 0.72% year-on-year. Its risk resilience continued to strengthen, with the non-performing loan ratio stabilizing at 1.36% after four consecutive years of reduction, and the provision coverage ratio rising by 0.26 percentage points year-on-year.

Since the beginning of the year, facing changes in the external environment, CZBANK has continued to optimize its income structure. Data shows that in the first quarter, the bank's net interest income was 11.825 billion yuan, while non-interest net income was 5.365 billion yuan, a year-on-year increase of 4.7%, with net fee income growing by 8% year-on-year. Judging from the financial report, non-interest income has quietly become the main driver of CZBANK's revenue growth, accounting for 31.2%.

Simultaneously, CZBANK has controlled cost expenditures through refined management and digital operations, creating more room for profit growth. In the first quarter of 2026, the bank's cost-to-income ratio (operating expenses/operating income*100%) was 24.37%, a decrease of 1.12 percentage points year-on-year.

In terms of serving the real economy, as the only joint-stock bank headquartered in Zhejiang, CZBANK is comprehensively deepening its three-year "Deep Cultivation in Zhejiang" initiative (2025-2027). As of the end of March 2026, the bank's total financing in Zhejiang Province exceeded 1.2 trillion yuan, with 43 new major provincial projects served. Resources continue to be directed towards the real economy, small and micro entities, and weaker sectors, using financial strength to promote the qualitative upgrading of Zhejiang's county economies.

This same stable bank is now in urgent need of a value re-rating. The reality for CZBANK is that one can buy 1 yuan worth of assets for 0.46 yuan, which also generates about 4 cents in annual interest. As of June 4, CZBANK has a trailing price-to-earnings (P/E) ratio of 3.51 times and a price-to-book (P/B) ratio of 0.46 times. Its valuation is at a historical low, offering a high margin of safety, with a dividend yield of 4.28%, which is attractive to long-term allocation capital.

Overall, the main theme presented by the current CZBANK is "steady resilience across cycles." In the short term, it still faces pressure on net interest margins and capital, similar to its peers. However, leveraging the advantages of its Zhejiang location and transformation dividends, it possesses ample long-term growth resilience. Looking ahead, while the industry's inflection point may still require some waiting, there is anticipation for CZBANK to unleash greater developmental vitality under the guidance of its new management team.