April 2, 2019 / 10:04 AM / 16 days ago

China picks BoCom chief Peng to head sovereign wealth fund CIC: sources

FILE PHOTO: Bank of Communications President Peng Chun attends a news conference on the lender's annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File Photo

SHANGHAI (Reuters) - China has chosen a new chairman for sovereign wealth fund China Investment Corp (CIC), two sources familiar with the matter said on Tuesday, filling the top role after two years of vacancy.

Peng Chun, chairman of Bank of Communications (BoCom), will become CIC’s chairman, three people with knowledge of the matter told Reuters. BoCom is China’s fifth-biggest lender.

“Chairman Peng has already left for CIC. BoCom will make a public announcement soon,” one of the sources said.

CIC managed $941 billion as of the end of 2017, the most recent year for which a figure is available. It could not immediately be reached for comment. BoCom declined to comment.

Bloomberg reported Peng’s move earlier on Tuesday.

Peng, 57, had a stint at CIC as vice general manager between 2010 and 2013.

Headquartered in Beijing, CIC was founded in 2007 to help China earn a higher return on its foreign exchange reserves.

CIC has invested in overseas companies including online property rental firm Airbnb, Canadian mining company Teck Resources to U.S. private equity house Blackstone.

Reporting by Li Zheng and Andrew Galbraith; Writing by Samuel Shen; Editing by Tony Munroe & Kim Coghill

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