CICC picks new chief executive

China International Capital Corporation (CICC), the country's top domestic investment bank, said late Monday it has appointed veteran insider Bi Mingjian as its new chief executive as it prepares to launch an IPO later in 2015.

Bi will serve as the bank's acting CEO and chairman of its management committee until his appointment is approved by regulatory authorities, CICC said in a statement.

The country's first investment bank saw several high-profile executives depart in 2014, delaying its plan to debut on the Hong Kong stock exchange, according to local media reports.