Following the appointments of Wu Jian and Yang Jun, Bank of China (BOC) has welcomed its third deputy governor this year. On October 27, BOC announced that Liu Chenggang's appointment as deputy governor was approved by regulators, effective October 24, 2025.

On October 28, BOC issued another announcement stating that due to work adjustments, Zhuo Chengwen will step down as BOC’s board secretary and corporate secretary starting October 30, 2025, and will assume the role of chairman at BOC Aviation Leasing. Concurrently, Liu Chenggang has been appointed as the new board secretary and corporate secretary. Until his qualifications are officially approved, President Zhang Hui will temporarily assume the board secretary duties.

Recently, BOC also transferred another senior executive—Wang Xiao, former head of the Shanghai branch, has been appointed as a member of the Export-Import Bank of China’s Party Committee.

This round of personnel changes also involves leadership adjustments at seven Tier-1 branches:

1. **Tianjin Branch Head Ma Mingjun** is set to become the new head of the Shenzhen branch. Current Shenzhen branch head Liu Xinqun is expected to take over as chairman of BOC Fund. - Ma previously served as deputy director of BOC’s head office, head of the Party Affairs Department, and deputy secretary of the Party Committee. He was appointed deputy head of the Tianjin branch in June 2021 and promoted to branch head in November 2022.

2. **Suzhou Branch Head Hu Xing’an** has retired. - Hu, a finance graduate from Jiangxi University of Finance and Economics and a management master’s holder from the University of Science and Technology of China, joined BOC’s Anhui branch in 1988. Rising from a junior credit officer to senior provincial leadership, he has held roles across front, middle, and back offices. Since 1996, he has led multiple Tier-1 branches, including Xiamen, Anhui, Yunnan, and Suzhou.

3. **Shaanxi Branch Head Meng Zhen** is slated to take over as Suzhou branch head. - Meng previously served as office director, assistant president, and discipline inspection chief at BOC’s Shenzhen branch. He became deputy head in April 2021 and Shaanxi branch head in September 2022.

4. **Ningxia Branch Head Xiao Da** is expected to succeed as Shaanxi branch head. - Xiao previously held roles as chief auditor and chief business manager at BOC’s Shaanxi and Ningxia branches, becoming Ningxia branch head in December 2021.

5. **Liu Jiangnan**, deputy head of BOC’s head office Asset-Liability Management Department, is set to lead the Xiamen branch.

6. **Niu Changping** was approved as Guizhou branch head on October 22, 2025. - Formerly deputy head of BOC’s Shaanxi branch, he was transferred to Guizhou in 2023.

7. **Zhou Peng** was approved as deputy head of Ningxia branch on October 29, 2025. - Zhou previously served as deputy head of BOC’s Taiyuan Economic Development Zone sub-branch and head of the Jinzhong branch.

As of June 2025, BOC operates 38 Tier-1 branches across 31 provinces (autonomous regions, municipalities) and seven cities, including Ningbo, Xiamen, Suzhou, Qingdao, Shenzhen, Dalian, and Xiongan.

On October 28, BOC also released its first quarterly report among state-owned banks. By September 2025, its total assets reached RMB 37.55 trillion, up 7.10% year-to-date.

**Financial Performance Highlights (Jan-Sep 2025):** - Operating income: RMB 491.204 billion (+2.69% YoY) - Net profit attributable to shareholders: RMB 177.66 billion (+1.08% YoY) - ROA: 0.70%; ROE: 8.98%; cost-to-income ratio: 26.90%

**Key Metrics:** - Net interest income: RMB 325.792 billion (-3.04% YoY) - Net interest margin: 1.26% (-14 bps vs. 2024) - Non-interest income: RMB 166.323 billion (+16.22% YoY), accounting for 33.80% of revenue (+3.93 ppts YoY) - Fee and commission income: RMB 65.591 billion (+8.07% YoY) - Other non-interest income: RMB 99.821 billion (+22.24% YoY), driven by forex gains, precious metals sales, and investment returns.

**Asset Quality:** - NPL ratio: 1.24% (-0.01 ppt YTD) - NPL coverage ratio: 196.60% (-4.00 ppts YTD) - CAR: 18.66%, indicating sufficient risk buffers.

Outgoing board secretary Zhuo Chengwen noted that amid low interest rates, domestic banks face margin pressures. BOC aims to optimize its business structure, stabilize net interest income, and enhance active management to mitigate external challenges.