Rodney Tsang, who became co-head of corporate and investment banking for the greater China region for Citigroup Inc. (C) less than a year ago, has left, the bank’s spokesman Richard Tesvich confirmed.
Tsang departed from the firm today, Hong Kong-based Tesvich said by telephone. Tsang’s co-head, Roger Zhu, will lead the unit on his own, a person with knowledge of the matter said. Tsang didn’t return five calls to his mobile phone this week seeking comment.
Citigroup hired Tsang in September 2009 from Bank of America Corp.’s Merrill Lynch unit as co-head of China investment banking as Farhan Faruqui, the Asia-Pacific head of global banking, sought to rebuild the New York-based company’s China team to fill holes left by senior departures.
Zhu, who had joined Citigroup in October 2011, had previously spent almost a decade at China International Capital Corp., the first Sino-foreign investment bank in China.
Last year, Citigroup was ranked No. 8 in arranging overseas share sales by Chinese companies, down from No. 6 in 2011, data compiled by Bloomberg show. The bank aims to be among the top three in China for corporate or investment banking, a target that can be reached within two years, Faruqui had said in an interview in March.
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