London: Financial services firm Citigroup
has hired Rodney Tsang, one of the Bank of America Merrill
Lynch`s top China investment bankers, to strengthen the bank`s
presence among the Chinese private sector firms, says a media
"Citigroup has poached one of Bank of America Merrill
Lynch`s top China investment bankers to strengthen its links
with the mainland`s fast-growing private sector companies,"
a report by a newspaper said.
Tsang is to join Citi as co-head of China investment
banking after spending nearly three years at Merrill Lynch,
the report said attributing to an internal memo sent to staff
According to the publication, his departure is a loss to
Merrill`s firepower in China and follows that of several other
veteran staff who quit the US bank earlier this year following
its takeover by Bank of America.
Citi has strong links with China`s state-run enterprises
and has secured a number of mandates to advise on big IPOs,
the report noted.
However, Tsang would bring experience in advising China`s
private sector companies, which are experiencing huge growth
and are in need of advice and capital to fund expansion.
Tsang is regarded as strong in real estate, industrials
and consumer industries and at Merrill helped several private
companies in the property and retail sectors list in Hong Kong
or the US. Before Merrill, Tsang worked at Credit Suisse in
Asia, the daily said.
"This is a critically important hire to help grow our
China franchise," the report said quoting Citi`s head of
global banking in Asia Farhan Faruqui.
Citi in Asia has been adding firepower amid a strong pick
up in regional deal flow. It recently hired Jason Johnson from
Credit Suisse as head of natural resources for the region.
Attributing to co-head of global corporate and investment
banking Asia-Pacific Jayanti Bajpai, the report said the bank
planned to roll out its revamped product range and build scale
in key regional markets.