Citigroup Inc, the largest US bank, yesterday
announced the appointment of former World Bank Vice President Zhang Shengman as
chief operating officer of its Asia-Pacific corporate and investment banking
division.
Zhang's appointment is the latest move by the bank to beef up its
investment banking business in the world's fastest-growing economy.
Zhang will assume responsibility for Citigroup's support functions in the
Asia-Pacific region, including human resources, legal and finance operations and
technology, and corporate affairs, the US bank said in a statement yesterday.
The former World Bank official, who will begin his new role in Hong Kong in
October, will remain vice chairman of the global banking division of the
investment bank, a post he took last November.
Zhang, 48, will report to Robert Morse, regional chief executive officer for
Citigroup Corporate and Investment Banking in the Asia-Pacific region.
"Zhang's expertise in the Asia-Pacific region, coupled with his
international, economic and banking experience, reinforces the strength of
Citigroup's regional team and will further contribute to our business momentum,"
Mr Morse said in a statement.
Former
World Bank Vice President Zhang Shengman |
Zhang, also a former China finance ministry official, joined Citigroup last
November to head its public sector group, a job that "has contributed greatly"
to Citigroup's ongoing effort to expand its global public sector franchise and
provide governments around the world with comprehensive advice and solutions,
according to Robert Druskin, President and CEO of Citigroup Corporate and
Investment Banking.
China, with its roaring economy growing at close to a double-digit rate in
recent years, is increasingly becoming a key battleground for global investment
banking giants.
The economy grew 10.9 per cent in the first half of this year and generated
US$801 million in investment banking revenue last year, accounting for 17 per
cent of Asia's total of US$4.7 billion, according to financial data provider
Dealogic Plc.
Morgan Stanley was the top accountant in China's IPO deals, while Citigroup
ranked 12th according to Dealogic.
Competition for a bigger slice of the pie spurred a series of personnel
reshuffles in both investment banks earlier this year.
In January, Morgan Stanley snatched one of Citigroup's top China executives,
Wei Christianson, the former chairman of China for Citigroup Global Markets
(Asia) Ltd, to head its China operations, dealing a heavy blow to Citigroup.
Citigroup retaliated in March by stealing Morgan Stanley's co-head of
investment banking for China, Zhao Jing, to lead its China investment banking
operations.
Before joining Citigroup last November, Zhang Shengman worked for the World
Bank Group where he was the managing director in charge of the Bank's worldwide
lending and advisory operations, and most of its corporate and support functions
from 2001 to 2005.
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