BofA Said to Hire Citigroup’s Chu as Head of China Mergers TeamZijing Wu
Bank of America Corp. hired Ellis Chu from Citigroup Inc. as head of its China mergers advisory team, two people with knowledge of the matter said.
Chu is set to join the Charlotte, North Carolina-based bank this year and will report to Stephen Gore, head of Asia mergers and acquisitions at Bank of America, said one of the people, who asked not to be identified before an official announcement is made. Chu was previously a director at Citigroup’s M&A team in Asia.
Bank of America ranks sixth in advising on cross-border acquisitions involving Chinese companies this year, one spot below New York-based Citigroup, according to data compiled by Bloomberg. Citigroup advised Cnooc Ltd. on its $15.1 billion acquisition of Nexen Inc., the biggest overseas takeover by a Chinese company, announced last year.
Spokesmen at Bank of America and Citigroup in Hong Kong declined to comment. Chu has left Citigroup and wasn’t reachable for comment.
Bank of America in July hired Goldman Sachs Group Inc. managing director Michael Woo as China head of its financial institutions investment banking group.