The Industrial and Commercial Bank of China (ICBC), the world's largest bank by market value, said Friday that its plan to appoint Wang Lili as its executive director has been approved by the China Banking Regulatory Commission.

The appointment took effect Wednesday, said the ICBC in a report filed with the Hong Kong Stock Exchange.

Wang Lili, born in 1954, has served as senior executive vice president of the ICBC since October 2005.