Ma Weihua, head of Shenzhen-listed China Merchants Bank Co Ltd, resigned as its Party chief on Wednesday, while remaining as president of the bank.

Ma, 64, has headed China Merchants since 1999, during which time it has seen rapid growth in net profit and significant expansion in its retail banking operations.

He is being succeeded as Party chief by Tian Huiyu, the head of China Construction Bank's Beijing branch and director of retail banking, a joint position he has held since 2011.