Son of China's former premier quits investment bank

The son of China's former premier Zhu Rongji has resigned as head of the country's top investment bank China International Capital Corp (CICC), the company said Tuesday, but gave no reason for his departure.

Levin Zhu, or Zhu Yunlai, stepped down as CICC's chief executive officer and chairman of the management committee, according to a statement.

It did not elaborate on why he had done so, but said the board approved his resignation after more than 16 years with the firm.

His father Zhu Rongji was China's Premier from 1998 to 2003, known for his tough style with other officials but credited with pushing deep economic reforms.

The elder Zhu helped orchestrate China's entry into the World Trade Organisation and hastened the shift away from state economic planning.

CICC was China's first Sino-foreign joint venture investment bank, set up in 1995 by China Construction Bank, US financial firm Morgan Stanley and other investors.

Morgan Stanley pulled out in 2010, selling its 34.3 percent stake to a group of investors which included the Government of Singapore Investment Corp. (GIC), according to CICC's 2013 annual report.

The Beijing-headquartered investment bank's net profit was 370.1 million yuan ($60.2 million) in 2013, up 20 percent from 2012.

It currently has 23 offices globally, according to its website.

CICC credited Levin Zhu with establishing a full-service bank with business segments including investment banking, sales and trading, and investment management.

The bank appointed its chief operating officer Lin Shoukang as acting chief executive, it said.