Xiao Quits Bank of China to Take Helm at Securities Watchdog

Xiao Gang, who stepped down yesterday as chairman of Bank of China Ltd., will take on the challenge of restoring confidence in Asia’s third-largest stock market as head of the nation’s securities regulator.

His appointment was announced to China Securities Regulatory Commission staff at a meeting yesterday, according to a person with direct knowledge of the matter who asked not to be identified because he isn’t authorized to speak to the media. The 54-year-old, who resigned from Beijing-based Bank of China because of “the needs of national financial work,” will succeed Guo Shuqing at the watchdog.