Bank of China to merge investment banking operations

How many debt capital markets bankers does it take to change a light bulb at the Bank of China Tower in Hong Kong

Well, the answer depends on what floor it is on.

Closer to the top, then it is likely that the debt capital markets team from Bank of China International BOCI will reach it before a rival team from Bank of China BOC on the lower floors.

And then there is Bank of China Hong Kong BOC HK, which also has fixed income operations in the same building.

Over the past five years, the presence of three overlapping...