HONG KONG (Reuters) – Bank of America-Merrill Lynch has hired a veteran banker to head its corporate finance business in China, according to a memorandum seen by Reuters on Friday, in an effort to tap more domestic clients in the world’s fastest-growing major economy.
Wang Bing, who worked for Merrill Lynch between 2004 and 2008 in various management roles including dealmaking in China, had agreed to rejoin Bank of America-Merrill Lynch as a managing director, according to the memo.
Wang will be based in Hong Kong and will report directly to Erh Fei Liu, BofA-Merrill’s China country executive and head of China global corporate and investment banking, the memo said.
“In this role, Bing will have responsibility for originating and executing transactions across all market sectors for Chinese corporates,” Liu said in the memo to staff.
During Wang’s almost five years with Merrill Lynch, he covered corporate finance, general industries and most recently as a dealmaker for Merrill Lynch’s private equity division.
Bank of America (BAC.N), the largest U.S. bank, acquired Wall Street investment bank Merrill Lynch on Jan. 1 and renamed the combined entity Bank of America-Merrill Lynch.
Wang, an MBA graduate of top European business school INSEAD, left Merrill Lynch before the acquisition by Bank of America for a long holiday before he agreed to rejoin the combined bank earlier this year, according to a source close to Wang.
On Thursday, Reuters reported that Bank of America planned to set up a wholly owned subsidiary in China to bolster its corporate, investment banking and wealth management businesses.
By George Chen and Umesh Desai
(Editing by Chris Lewis)