China International Capital Executive Steps Down

Ding Wei, the head of investment banking at private equity-backed China International Capital Corp., will step down, Reuters reported, citing a story in the online edition of Chinese financial magazine Caing. Wei’s departure comes less than a month after Morgan Stanley sold its minority stake in CICC to a group of investors including buyout shops TPG Capital and Kohlberg Kravis Roberts & Co.

(Reuters) – The head of investment banking of China International Capital Corp (CICC), the country’s top investment bank, is stepping down, local media reported on Friday.

Ding Wei, the head of CICC’s investment bank department, has informed CICC staff about his departure via an internal e-mail, the online edition of Caing, a Chinese financial magazine, reported.

Ding confirmed to the magazine he is leaving, Caing said. No-one at CICC could be reached for comment.

The former World Bank and International Monetary Fund economist, who joined CICC in 2002, is considering various options including setting up his own private equity firm, Ding was quoted as saying by Caing.

Ding’s exit came less than a month after Wall Street bank Morgan Stanley completed the sale of its minority stake in CICC to a group of investors, including private equity firms TPG Capital [TPG.UL] and KKR.

(Reporting by Soo Ai Peng)