Swiss bank UBS has this week nabbed seasoned China investment banker Catherine Cai from Citi, according to an internal memo seen by FinanceAsia on Tuesday.
The appointment comes a month after the Swiss bank said it had brought David Chin back to lead its Asia-Pacific investment banking business, two years after he retired from the role.
Cai has been named executive vice-chairman of investment banking at UBS, a newly created position. She will be based in Hong Kong and will report to Andrea Orcel, president of UBS's investment banking operation.
"Catherine will join in December and will have a cross-divisional and global remit, so as to effectively leverage her experience and network to help us build out our strategic dialogue with clients at both C-suite and board level," Orcel wrote in the memo.
Cai will serve as a member of the management committee of UBS's Asia Pacific corporate client soulution (CCS) unit, the investment-banking division, as well as the global CCS management committee.
Cai joins from Citi, where she was most recently chairman of China investment banking and head of China investment banking. Prior to that she spent more than 17 years with Merrill Lynch, holding the position of chairman and co-head of China investment banking.