Chengdu Rural Commercial Bank Co. Ltd. Chairman Chen Ping resigned upon the expiry of his employment contract, Caixin reported Jan. 2, citing sources.

The resignation came as Anbang Insurance Group Co. Ltd., the controlling shareholder of Chengdu Rural Commercial Bank, is selling its 35% stake in the bank. Anbang Insurance Group was taken over by the Chinese government in February 2018 as part of efforts to reduce financial risk.

The China Banking and Insurance Regulatory Commission named Xie Shaobo as interim chairman of Chengdu Rural Commercial Bank. Xie is currently an executive at Ping An Bank Co. Ltd., and was appointed by the commission in 2019 to monitor the bank's risk, according to the report.