China’s ICBC appoints former FDIC chief Bair as independent director

By Matthew Miller (original source Fox Business)

“Industrial and Commercial Bank of China Ltd (ICBC) has appointed Sheila Bair, the former head of the U.S. Federal Deposit Insurance Corporation (FDIC), as an independent non-executive director.

ICBC, the country’s biggest commercial bank, announced Bair’s appointment in a stock exchange notice on Monday, stating that her election was approved by China’s banking regulator.

Bair, who was nominated last year, becomes the most high-profile former regulator to join the lender’s board of directors. Other ICBC independent directors include Anthony Neoh, a former chairman of the Hong Kong Securities and Futures Commission.”

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