(FILE)

Morris Li, a veteran Citi banker, has been appointed as president and executive director of the Guangdong Development Bank.

Li joined Citibank in 1989 and had held several senior positions in Taiwan and Hong Kong. He became president of Citibank Taiwan Ltd. in late 2005. Under his leadership, Citibank Taiwan recorded fast growth and weathered the impact of the global financial crisis beginning in 2008.

Li replaced Michael Zink who took office as president of the Guangdong Development Bank after a consortium led by Citibank acquired an 85-percent stake in the Chinese mainland lender in December 2006. Dong Jianyue, Chairman of the Guangdong Development Bank, said he hoped Li's financial expertise would be a big help to facilitate planning to complete its initial public offerings by the end of the year.

Founded in 1988, the Guangdong Development Bank has more than 500 sales outlets in China, including 25 branches. As of the end of 2009, the lender had total assets of 666.5 billion yuan ($97.6 billion) with a net worth of 34.3 billion yuan ($5.1 billion).