Bank of China (BOC) will have a new president after incumbent Li Lihui retired. Li will be succeeded by Chen Siqing, executive vice president of the bank, Beijing News reported Wednesday.

The 62-year-old Li had served as the president of BOC for nearly a decade and retired on Monday. He will work for the Financial and ­Economic Committee under the National People's Congress, the report said.

Several commercial banks such as China Construction Bank, China Everbright Bank and China CITIC Bank were also reported to have had senior management reshuffles, but so far no official announcements have been released.