The Bank of Shanghai, one of the leading banking institutions in Shanghai, has named Hu Youlian as its new president, a position that has been left vacant since February 2015.

According to a Shanghai Daily report, Hu, who was vice president at the bank, has been promoted to president on Monday, ahead of the bank's planned initial public offering (IPO).

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The Shanghai Organizational Department announced Hu's promotion, which was part of the latest personnel changes in senior management in Shanghai's banking system.

Hu's promotion came less than two weeks after the Bank of Shanghai received approval from the country's securities regulator for its IPO.

The bank's IPO will be Hu's primary responsibility in addition to heading the bank, which has not seen a president since last February.

The Bank of Shanghai is reportedly planning to seek about US$2 billion in an IPO in Hong Kong. At least 10 city or rural commercial banks in China are queued in the IPO pipeline.

Prior to his promotion, the 53-year-old new Bank of Shanghai president was responsible for the bank's retail and Internet finance business.

Before joining the Bank of Shanghai, Hu was connected with the China Construction Bank Jiangsu branch as deputy chief of finance and accounting.

Aside from announcing Hu's promotion to president, the Shanghai Organization Department also announced the appointment of Ji Guangcheng as new chairman of Shanghai Rural Commercial Bank.

Ji was former vice president of Shanghai Pudong Development Bank, according to a Shanghai Daily report.

TagsChina Bank, Shanghai Bank, Bank of Shanghai, Hu Youlian