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Daily Dispatches: ICBC plans high-profile poaching from Deutsche

Deutsche Bank AG’s top Asian executive Lee Zhang is expected to join the Industrial and Commercial Bank of China (ICBC) as vice-president, sources familiar with the matter said on Thursday. Zhang’s return is seen as a victory of sorts in the government efforts to bring home top financial talent employed in Western firms to man State-owned enterprises. (China.org.cn)

Meanwhile, Deutsche Bank has hired Gunnar Hoest as a managing director and its new head of commodities for Asia. Hoest, who will join Deutsche Bank in June and relocate from Hong Kong to Singapore, is tasked with expanding the bank’s commodities business in Asia. (Risk.net)

Agricultural Bank of China says it has selected a group of underwriters for its planned initial public offering in Shanghai and Hong Kong that is expected to raise at least US$20bn. (Asian Banking and Finance)

A senior Chinese banker was handed a suspended death sentence in Beijing on Thursday for taking bribes and abusing his power while serving as a top official at China Development Bank. (Financial Times)

Morgan Stanley Smith Barney remains on the hunt for more stockbrokers in Australia to grow its market share after posting a small loss last year. (The Australian)

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