BANK of Communications has appointed former financial regulator Hu Huaibang as chairman, after former chairman Jiang Chaoliang resigned to work for China Development Bank.

Hu, 53, a former senior official with the China Banking Regulatory Commission, was also chairman of the supervisory board of the China Investment Corporation. The bank said it has set up a rural bank, where BoCom takes a controlling 61 percent stake, in Sichuan Province.