BEIJING - China Citic Bank named Chang Zhenming, chairman of the Citic Group, as the bank's new chairman, the lender said in a statement filed to the Shanghai Stock Exchange on Wednesday.

The nomination will only take effect with approval from the China Banking Regulatory Commission, the statement said.

Chang, 57 years old, was named chairman of the Citic Group in December 2010.

China Citic Bank was established in 1987 and is a subsidiary of the Citic Group.