Standard Chartered Bank has hired a senior investment banker from Morgan Stanley’s Beijing office to head its client coverage and capital markets teams in China.
Yi Meng, who has more than 16 years of experience in corporate banking and finance with a focus on the China market, will have triple roles at Standard Chartered. He will serve as managing director and head of the strategic client coverage group within origination and client coverage, and, simultaneously, as vice chairman for Asia of Standard Chartered capital markets, and CEO of the bank's corporate advisory division, the bank announced yesterday.
Yi will be based in Beijing and will report to Rahul Goswamy, global head of the strategic client coverage group.
“Yi Meng brings a wealth of experience and deep knowledge to Standard Chartered, which will strengthen the bank’s China team and help drive our client-focused strategy forward in this important market,” Goswamy said in a statement. “China is a key market for Standard Chartered and this appointment is a strong indication of our intentions to add senior resources to ensure continued long-term success of the business in China,” he said.
Yi was most recently based in Beijing as managing director of China investment banking for Morgan Stanley. He previously worked with CLSA as a managing director and joint president for Greater China. Prior to his banking career, Yi worked with the State Administration for Industry and Commerce (Saic), an administrative entity under China's State Council, for eight years.
The British bank, which makes most of its profits in emerging markets in Asia, Africa and the Middle East, said last month that it had a strong performance in the first half of 2010 driven by its consumer banking and wholesale banking client businesses. The first-half group profit jumped 10% year-on-year to $3.12 billion and earnings from consumer banking soared 85%.
Standard Chartered group set up its first Chinese branch in Shanghai in 1858 and has remained in operation in the country throughout the past 150 years. Standard Chartered Bank (China) was one of the first foreign banks to locally incorporate in China in April 2007. It currently has 58 branches across 17 cities in the country.