CZBANK Dissolves Board of Supervisors After NFRA Approval; Audit Committee Takes Over Statutory Duties

Bulletin Express

Jun 05

China Zheshang Bank Co., Ltd. (CZBANK) announced that the National Financial Regulatory Administration (NFRA) approved amendments to the bank’s Articles of Association on 4 June 2026 (Jin Fu [2026] No. 305), enabling an immediate governance restructuring.

Effective the same day, the Board of Supervisors has been dissolved, and its statutory functions are now vested in the Audit Committee under the Board of Directors. All procedural rules linked to the former supervisory body—including those governing its nomination and supervisory committees—have been simultaneously abolished.

Nine supervisors—Wu Fanghua, Peng Zhiyuan, Du Quan, Chen Zhong, Ma Xiaofeng, Wang Junbo, Zhang Fanquan, Wang Congcong and Chen Sanlian—ceased to hold office on 4 June 2026. Each confirmed no disagreement with the bank and no matters requiring shareholder or creditor attention.

CZBANK’s board composition remains unchanged, headed by Chairman Chen Haiqiang.

The bank expressed appreciation for the supervisors’ contributions during their tenure.

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