China Merchants' Qin Xiao steps down as chairman

Former chair and president Fu Yuning poised to replace Qin, who resigned due to age.

China Merchants Bank announced Monday that its current chairman Qin Xiao has resigned due to age factor. The bank's board of directors has then decided to approve Fu Yuning, a scholar businessman for the position, according to a Global Times report.

Qin had acted as chairman of the bank since 2001; Fu used to be chairman and president of China Merchants Group.

The appointment will still need to be approved by banking authorities.