Daniel Ng, who left China Merchants Securities (HK) last October, has returned to Bank of China International to head its investment banking division, according to two people familiar with the matter.
Ng joined China's oldest investment bank last month to replace the already-departed Li Xin, who had previously overseen investment banking at BOCI. Ng will continue to be based in Hong Kong, both people said.
A spokesperson for BOCI confirmed that Ng had joined the bank but declined to offer more details about his position.
According to a fourth banking source, Li is set to join Everbright Securities International, a Hong Kong-based subsidiary of Everbright Securities. Prior to his stint at BOCI, which began in 2011, Li worked at the risk management department of Bank of China in Beijing, the person said.
BOCI, one of China's biggest investment banks, is currently led by its first female chief executive Li Tong, a so-called princeling and daughter of Li Changchun, the country’s former propaganda chief.
Since taking the helm in 2012, the bank under Li has performed strongly in debt capital markets and expanded its role as a manager of initial public offerings and advisor on mergers and acquisitions, including China Minmetal’s $7 billion acquisition of the Las Bambas copper mine in 2014.
In June 2015, BOCI lead-managed parent Bank of China’s $4 billion Silk Road bond issuance, the world’s first multi-billion four-currency bond, to help fund the country’s grand development blueprint for regional infrastructure.
The combined investment banking revenues of BOCI and BOC place it eighth in Asia (ex-Japan) so far this year -- ahead of Credit Suisse and Deutsche Bank but behind Citic Securities and GF Securities, according to data provider Dealogic. At $74 million, the revenues generated by the two give it a 2.5% share of the region's investment banking market, the data shows.
Ng’s BOCI hire comes after he quit CMS (HK) in October 2015. Ng had been at the brokerage arm of the state-owned conglomerate China Merchants Group since 2012 and was most recently head of its investment banking and deputy CEO.
Prior to that Ng worked at BOCI from 2004, rising to vice chairman of investment banking. He has also held positions at Schroders, Bear Stearns, and Standard Chartered and sat on the listing committee of Hong Kong Exchanges and Clearing from 2009 to 2015.
He holds a master in law from Northwestern University and an MBA from the University of Rochester. He attended Indiana University as an undergraduate.
Additional reporting by Danny Leung