By staff reporter Zhang Zheyu and intern reporter Zhang Man 

China Development Bank (CBD), one of the country's policy lenders, announced September 23 the appointment of a new president as part of a management reshuffle designed to speed up the bank's transformation into a commercial lender.

Jiang Chaoliang, former chief of China's fifth largest lender, Bank of Communications Ltd. (BoCom; SSE: 601328, HKSE: 00328), replaced CDB's current president, Chen Yuan, who was named as the bank's new party secretary.

51-year-old Jiang joined BoCom in June 2004. He previously served as deputy governor of Hubei Province and held a number of positions in the country’s central bank.

On the same day as CBD’s announcement, BoCom made public the resignation of Jiang and appointed of his successor, Hu Huaibang, a former senior official with the China Banking Regulatory Commission and current chairman of the board at China Investment Corp.

With its new management settled, CDB is expected to inaugurate a holding company as early as October. Caijing learned that the board of directors of the new company will have 15 member seats that will be occupied by representatives from Central Huijin, the Ministry of Financial and CDB.

Established by the State Council in 1994, China Development Bank has focused on providing long-term financing for domestic infrastructure projects. Last year, the government announced plans to evolve CDB into a commercial lender.