With the appointment of Cao Tong as president, Qianhai's Webank has basically completed the recruitment of its top management team, headed by chairman Gu Min, former executive director of Ping An Bank.
Before joining Webank, Cao was vice-president of Export-Import Bank of China and a former vice-president of China CITIC Bank. Born in 1968, Cao has a doctorate degree in economics from Dongbei University of Finance and Economics, and has worked in the banking industry for more than 20 years.
The new bank president joined the People's Bank of China, Beijing branch, when he was 22 years of age. After four years at the central bank, Cao moved on to China Merchants Bank and worked his way up to general manager of the personal banking department. He was credited for the development of the bank's personal-wealth management business into a leader in the industry.
In 2008, Cao was named by The Asian Banker, a trade magazine, as one of China's most promising young bankers.
In addition to his extensive experience in traditional banking businesses, Cao has also dabbled in online financing.
At CITIC Bank, he helped launch a series of innovative payment methods with QR code payment as the key product, which efficiently integrated online and offline payments. Industry experts said it was Cao who led the drive for innovation.
Other members of Webank's senior management team include deputy presidents Qin Hui, former director of policies and regulations office at the Shenzhen Banking Regulatory Commission, and Zheng Xinlin, former general manager of the institutional business department at Industrial Bank.
So far, Webank has recruited about 100 employees, mostly from Ping An Bank and Tencent Holdings Ltd.
A senior credit manager at Ping An Bank said Webank will follow the common business model, risk control system and the product planning mechanism of other mainland banks, at least in the short term.
"However, Webank will provide more innovative services in the personal lending business - the weak link in many domestic banks," the source added. On the mainland, housing mortgage loans make up about 90 percent of all personal loans while consumer loans account for the remaining portion.
As a subsidiary of Tencent, Webank is widely expected by industry sources to eventually evolve into an Internet financial institution.
In time, "Qianhai Webank will become China's first Internet bank leveraging on Tencent's large customer base," Gu was earlier quoted as saying. "It (Webank) will be very different from other banks in China," he said.
Approved by the China Banking Regulatory Commission on July 25, Webank is expected to open for business at the end of this year. The bank has three billion yuan ($485 million) in registered capital.
Tencent holds a 30 percent stake, making it the bank's largest single shareholder. Other major shareholders include Shenzhen Baiyeyuan Investment Co and Shenzhen Liye Group, each of which holds a 20 percent share.
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