Citigroup Inc. appointed Rodney Tsang and Roger Zhu as co-heads of corporate and investment banking operations in greater China.
Tsang will also oversee the Hong Kong banking business, while Zhu will focus on Citigroup’s largest clients in China and help develop the New York-based bank’s local securities joint venture, said Farhan Faruqui, Citigroup’s head of global banking for the Asia-Pacific region.
Citigroup has expanded the workforce at its corporate and investment bank in China by 35 percent in the past three years, as it challenges Goldman Sachs Group Inc. and Morgan Stanley for a greater share of deals in the world’s fastest-growing major economy.
“We’re in very good shape now, and we’ll hire as we need further to support clients and our growth,” Faruqui said in a telephone interview. “Overall, we’ve come a long long way in China from where we were three years ago.”
Citigroup was given regulatory approval for its Citi Orient Securities Co. joint venture in January, allowing it to start underwriting local equity offerings. The bank ranked seventh among advisers of overseas stock sales by Chinese companies last year, according to data compiled by Bloomberg. Goldman Sachs and Morgan Stanley were first and second.
Citigroup’s goal is to be among the top three banks in China for corporate or investment banking, a target that can be reached within two years, Faruqui said. Citigroup was the second-ranked adviser on mergers involving Chinese companies last year, rising from 10th position in 2010, data compiled by Bloomberg show.
Zhu spent almost decade at China International Capital Corp. and joined Citigroup in October. At CICC, he rose to the position of executive chairman and helped build firm’s investment banking and asset management business, according to an internal memo obtained by Bloomberg News. Tsang joined Citigroup in 2009 from Bank of America Corp.
Christie Chang, head of the global banking and institutional clients group for Taiwan, and Edward Lam, in charge of global banking for Hong Kong, will remain in their roles. Eugene Qian was named head of global banking for Citibank China, its commercial banking arm in the country, and will move to Shanghai from Hong Kong.