Xin Lang Cai Jing·2026-01-22 10:02Core Viewpoint - The leadership change at China Merchants Bank's (CMB) credit card center, with Li Mingdong taking over from Liu Jialong, signals a strategic shift in the bank's retail operations, particularly in the credit card business, which is crucial for its profitability and integration with other financial services [1][2][12]. Group 1: Leadership Changes - Liu Jialong, the former general manager of the credit card center, has retired and transitioned to an advisory role, while Li Mingdong, previously the general manager of the wealth management department, has been appointed as his successor [1][12]. - The restructuring within CMB's retail financial headquarters indicates a broader organizational change, potentially hinting at upcoming senior management transitions [1][13]. Group 2: Importance of Credit Card Center - CMB's credit card center is recognized as a pivotal department within the bank, often regarded as a "quasi-headquarters level" unit, essential for connecting various business lines such as payments, consumer loans, and wealth management [2][12]. - The credit card business has been a significant profit source for CMB, maintaining its position as a leader in the industry, often referred to as the "largest credit card center in the universe" [2][12]. Group 3: Strategic Direction - The appointment of Li Mingdong, who has extensive experience in various core departments, suggests a strategic integration of wealth management with credit card services, aligning with industry trends towards customer-centric financial solutions [2][18]. - CMB aims to enhance its retail credit offerings while managing risks effectively, as indicated by the bank's commitment to maintaining high asset quality and optimizing its credit card portfolio amidst a challenging market environment [6][17]. Group 4: Financial Performance - In the first half of 2025, CMB reported a credit card transaction volume of 20,209.60 billion yuan, a year-on-year decrease of 8.54%, alongside declines in both interest and non-interest income from credit cards [6][17]. - The bank's credit card loans stood at 9,244.89 billion yuan, reflecting a reduction of 233 billion yuan from the previous year, highlighting the impact of overall market demand on growth [6][17].