Spokesman of China Construction Bank Corporation (CCB) Mr. Hu Changmiao announced that due to the needs of the country’s development and reform in finance, Mr. Chang Zhenming tendered his resignation from his posts as vice chairman of the Board, executive director and president of CCB and will take up a new post with CITIC Group. Mr. Chang Zhenming has already handed his letter of resignation to the Board and his resignation will become effective upon the appointment of his successor. CCB’s Board of Directors held its extraordinary board meeting on July 23, 2006, at which the Board approved his resignation. And CCB has released its announcement and will announce his successor in the near future.

The Board took this opportunity to express its highest praise to Mr. Chang for his contribution to CCB’s reform and development over the past two years. And it indicated that since Mr. Chang joining CCB two years ago, he has always sincerely implemented the country’s related policies and measures in the field of joint-stock reform and restructuring for state-owned commercial banks; based on his management experience and excellent leadership, Mr. Chang has led the management successfully to complete the financial restructuring, joint-stock reform and IPO in accordance with CCB’s Article of Association and resolutions of the Board; he together with other management and staff nailed down CCB’s strategic envision and found out the market position and successfully established Customer-Focused operation philosophy and risk culture of equilibrium relations between risk and return; he progressively promoted innovation in products and services, strengthened primary management and internal control, pushed forward human resources management and incentive system reform, so that he could improve  CCB’s corporate governance and develop business of all lines, raise CCB’s competitiveness, service quality, risk management and comprehensive profitability. Led by Mr. Chang, CCB’s management has received extensive recognition from its shareholders, the board of directors and the board of supervisors. 

CCB also expressed its gratitude and appreciation to Mr. Chang Zhenming for his substantial contributions to CCB’s reform and development in the past two years. Mr. Chang Zhenming is praised by all staff of CCB for his management experience and expertise, especially for his pragmatic way to solve problems and his great executive ability.

As a public listed corporation, CCB will continue to carry out national policies and measures in finance, deepen all internal reforms, improve its corporate governance, push forward business transformation in a stable manner, strengthen risk management and service quality, and raise operation performance, so that it can make its strategic envision come true, namely to provide the best service to its customers, maximize shareholder value and proved excellent career opportunities to it employees.