Bohai Bank, China's first national joint-stock commercial bank since China stopped approving such banks in 1996 has found a chairman.

Yang Zilin, who is the former Vice President of Industrial and Commercial Bank of China and also President of China Import and Export Bank, will chair the upcoming bank.

The municipal government of Tianjin, where Bohai bank is headquartered, says that preparations are complete, and the bank management team has been formed.

Bohai Bank is expected to help rejuvenate the local economy with stronger financial support. The bank is named after Bohai Bay which surrounds the northern Chinese port city of Tianjin.

(CCTV.com August 1, 2005)