Nan Fang Du Shi Bao·2026-01-21 11:26Core Viewpoint - The upcoming leadership transition at China Merchants Bank's credit card center, with Li Mingdong set to replace Liu Jialong, has garnered industry attention as Liu retires due to age limits, marking a significant change in the bank's credit card operations [2][3]. Group 1: Leadership Transition - Liu Jialong, the current general manager of the credit card center, has a long history with the bank, having joined in 1996 and led the credit card business multiple times, significantly impacting the industry with innovations like the "Zhangshang Life" mobile app [3][4]. - Li Mingdong, the incoming general manager, has extensive experience within the bank, having held various roles in retail finance and wealth management, indicating a strategic focus on customer-centric operations [4][5]. Group 2: Industry Context - The credit card center has seen a wave of leadership changes across the industry, with 16 banks adjusting their credit card center executives from 2025 to the present, reflecting a broader trend of management turnover [2][19]. - The credit card business at China Merchants Bank, despite being a leader in issuance and transaction volume, is facing challenges, with a reported 8.54% decline in transaction volume year-on-year as of mid-2025 [6][8]. Group 3: Performance Metrics - As of June 2025, the bank's credit card circulation reached approximately 96.93 million cards, maintaining a leading position in the industry, but the total transaction amount fell to approximately 2.02 trillion yuan, indicating a downturn [8][10]. - Revenue from credit card operations also faced declines, with interest income down by 4.96% and non-interest income down by 16.23% in the first half of 2025 [10].