There is a new chairman at China's largest bank by assets.

Beijing-based Industrial and Commercial Bank of China, the largest Chinese bank by assets, has named Yi Huiman as its new chairman and revealed plans to invest $1.1 billion into a company concentrating on Central and Eastern Europe. 

Meanwhile, the firm reported a net profit of RMB277.7 billion ($42.2 billion) for 2015, up 0.5 per cent on a year earlier.

Yi will stay in his previous role of president until his replacement is appointed, ICBC said in a statement translated from Chinese by Bloomberg. In his new role he replaces Jiang Jianqing, who retired as chairman.

ICBC's Hong Kong unit will invest in a European financial holding company to invest in projects under the umbrella of China’s “One Belt, One Road” programme that is designed to cement economic and transport ties between Europe and Asia.

In its results, ICBC recorded a pre-provision profit of RMB450.2 billion for 2015, achieving year-on-year growth of 7.6 per cent. 
 
According to a resolution passed by the board of directors, ICBC’s total cash dividend is expected to reach RMB83.15 billion in 2015, of which the pre-tax dividend per 10 shares amounted to RMB2.333. 

ICBC referred briefly to its wealth management business, saying that the total balance of wealth management products rose by 32 per cent to RMB2.62 trillion and was the largest in the industry. Assets under custody amounted to RMB11.5 trillion with a growth rate of around 100 per cent, maintaining the number one position in the industry, it said.