Industrial & Commercial Bank of China Ltd. named Lu Yongzhen as a nonexecutive director.

Lu has served as deputy director of the research center of the state-owned assets supervision and administration commission of the State Council since May 2012, according to a May 30 release.

Lu's appointment is subject to shareholder and regulatory approval. His term in office will commence on the date when the approval from the China Banking and Insurance Regulatory Commission is obtained.