BEIJING - The Agricultural Bank of China, the nation's third-largest lender by market value, announced Friday its vice president Pan Gongsheng has resigned "in line with the need of state financial work."

The resignation was effective Friday afternoon, the Agricultural Bank said in a statement posted on the website of the Hong Kong Exchanges and Clearing Ltd., operator of the Hong Kong stock exchange, where the bank is listed.

Pan, 48, was also executive director of the bank and a member of the Strategic Planning Committee of the board before his resignation, according to the statement.

It said the bank board would like to express its gratitude to Pan for his significant contribution to the bank during his tenure.