Citigroup said on Wednesday it has named Catherine Cai as chairman and head of China investment banking.
She will be a managing director and report to Mark Slaughter head of corporate and investment banking for Citi in Asia Pacific.
"She has excellent client relationships around the region and has been involved on several landmark and groundbreaking transactions from China during her career," said Mark Slaughter.
Cai has over 20 years’ of experience in China investment banking. She will replace Roger Zhu who retired in January.
Cai joins Citi after ten years at Bank of America Merrill Lynch where she was most recently chairman of China investment banking. She resigned on Wednesday.
Cai was a managing director when she left BofA ML and reported to Alex To. BofA ML poached To from Morgan Stanley and named him head of China investment banking in September last year.
Cai was on FinanceAsia’s list of top 30 mainland China bankers in 2012. She has played a critical role in originating and executing a number of landmark IPO and M&A transactions. These have included deals for China Telecom, China Mobile, PetroChina, Cosco, Cnooc, China Merchants Bank, Bank of Communications, Industrial and Commercial Bank of China, Kunlun Energy, Beijing Enterprises, China Eastern Airlines and Citic Securities, among many others.
Cai started her career with Smith Barney in New York in 1993.BofA ML promoted Cai to co-head of China investment banking in 2011.
In the last two years Citi said it has raised over $130 billion from capital markets for Chinese issuers and advised on close to $50 billion of M&A involving Chinese firms, according to Dealogic data.
In 2013 Citi generated over a $1 billion of revenues in the country.