Chang Zhenming, president of China Construction Bank (CCB), has resigned from his post, according to an announcement made by the bank's board.

A bank spokesman was quoted by CRI as saying that that Chang's departure was to "meet the demand of the nation's financial reform and development."

The board also acknowledged the contributions made by Chang towards CCB's reform and development. CCB took the lead among China's "big four" State banks to go public in Hong Kong last year. It shares were bought up by investors eager to take advantage of China's strong economy.

Chang will work for CITIC group, a financial consortium which includes a national shareholding bank and a securities brokerage firm.

China is working towards overhauling its banking system ahead of opening its financial sectors fully to foreign competition by the end of this year.