By Cathy Chan for Bloomberg, March 17, 2010
HSBC Holdings Plc, Europe’s biggest lender, hired former Nomura Holdings Inc. executive Jane Wang to bolster investment banking in the world’s fastest-growing major economy, two people with direct knowledge of her plans said.
Wang, 42, will become China chairman for corporate finance in a newly created position and start in early April, the people said, asking not to be identified before an announcement. She will report to Liu Che-Ning, 44, the head of global corporate and investment banking in Hong Kong and China, they said.
The executive is HSBC’s second senior hire in six months in China, the world’s biggest market for initial public offerings in 2009. Liu, a former managing director at Morgan Stanley, joined HSBC in October.
HSBC ranks fourth in arranging overseas stock sales by Chinese companies this year, up from 16th in 2009, according to data compiled by Bloomberg. Before this year, the bank’s highest ranking in the past decade was eighth.
The London-based bank doesn’t have a license to underwrite domestic share sales in the country, lagging behind rivals including Goldman Sachs Group Inc., UBS AG and Credit Suisse Group AG.
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