SHANGHAI (Reuters) – Bei Duoguang, a veteran banker at China International Capital Corp (CICC), Morgan Stanley’s (MS.N) China venture, will soon leave the country’s biggest investment bank after over 12 years, two people with knowledge of the situation said on Friday.
It was not clear why Bei was leaving or where he was heading, the sources said, but the departure comes after his short-lived, unsuccessful presidency at Golden Partners Capital, CICC’s private equity venture with government-owned Shanghai International Group (SIG).
Bei declined to comment when contacted by telephone. CICC’s Beijing-based spokeswoman said she was not aware of the personnel change.
Last month, Beijing-based CICC lost its chief economist Ha Jiming, who joined Goldman Sachs (GS.N) as China managing director of investment banking.
Bei joined CICC in 1998, not long after its establishment, and was involved in a series of high-profile deals including the initial public offering of Baoshan Iron & Steel Corp (600019.SS) and the Carlyle Group’s private equity investment in China Pacific Life Insurance (Group) Co (601601.SS), local media reports said.
Previously, Bei was a banker at JPMorgan (JPM.N) and worked at the China Securities Regulatory Commission and the Ministry of Finance.
Last August, CICC set up a private equity venture with SIG, and appointed Bei as president, aiming to raise up to 20 billion yuan ($2.95 billion), but Bei quit earlier this year due to alleged conflicts with the government shareholder.
Morgan Stanley, aiming to set up a separate Chinese investment banking venture, plans to sell its 34.3 percent stake in CICC, which is led by Levin Zhu, son of former Chinese premier Zhu Rongji. ($1=6.77 yuan)
By Samuel Shen and David Lin
(Additional reporting by Jacqueline Wong)