CHINA'S Shenzhen Development Bank said yesterday that it has appointed a temporary eight-member management team from its strategic partner, U.S. private equity fund Newbridge Capital.

　　The aim is to bring international management experience to the medium-sized Chinese lender before it completes a deal to sell a stake to Newbridge, the Shenzhen bank said in a statement.

　　Shenzhen Development Bank, one of China's four domestically listed banks, said last month regulators had approved Newbridge as its strategic investor and the two firms would strive to seal the deal as soon as possible. It gave no other details.

　　The U.S. firm specializes in direct investments in emerging markets and had been tipped as the Shenzhen bank's top choice for partnership.

　　The new eight-member management committee includes Newbridge chairman David Bonderman and managing directors Shan Weijian and Daniel Carroll, the Shenzhen bank said in the statement.

　　It said other members are Robert Barnum, who is also chairman of Korea First Bank, Robert Cohen, president and CEO of Korea First Bank, Au Ngai, Colin Bamford and Michael Yahng.

　　"Our board of directors is entrusting various management duties to the temporary management committee, including supervision, risk management and business development," the statement said.

　　The State-owned lender is the smallest of China's 10 commercial banks by deposit base and loan portfolio.

　　Many Chinese banks are seeking foreign investment to expand capital and improve services to compete in a freer market since China joined the World Trade Organization last year.

　　Shenzhen Development Bank said its president, Zhou Lin, would continue to lead its board of directors until the deal with Newbridge was completed.

　　The bank reported a 33.7 percent jump in first-half net profit to 342.8 million yuan (US$41.4 million) because of a rise in interest and investment income.

　　(SD-Agencies)