Dongguan Rural Coml Bk Co Ltd

Fu Qiang, executive director and president of Dongguan Rural Commercial Bank, has submitted his resignation to the board, stepping down from all core positions including executive director and president, in order to comply with regulatory requirements on tenure limits for key positions at banks. Fu Qiang joined Dongguan Rural Commercial Bank in November 2018 and has served as president for seven years. During his tenure, the bank's total assets grew from over 400 billion yuan to over 800 billion yuan. The board will promptly initiate the election of a new executive director and the appointment of a new president, and will select a candidate to perform the duties of president on an interim basis. According to guidance issued by the former China Banking and Insurance Regulatory Commission in December 2019, the rotation period for key personnel at banking and insurance institutions should in principle not exceed seven years. Former Guangzhou Rural Commercial Bank President Yi Xuefei and former Qingdao Rural Commercial Bank President Liu Zongbo also previously resigned for exceeding the rotation period requirement.