ANZ has hired Huang Xiaoguang as chief executive officer for China and head of Greater China, based in Shanghai. Huang was most recently co-head of global corporate and investment banking for China at Bank of America Merrill Lynch and his appointment reinforces ANZ’s ability to poach talent from larger rivals as it pursues its aggressive “super regional” growth strategy in Asia.
“It says something about the franchise we have that we are continuing to attract some people of strong experience and strong reputation in the marketplace,” Andrew Geczy, ANZ’s CEO for international and institutional banking, told The Australian.
Back in July, Geczy, who joined the Australian firm from Lloyds last year, told analysts in Hong Kong that ANZ was aiming to poach staff from Citibank, Standard Chartered and HSBC. Farhan Faruqui, the former head of global banking in Asia Pacific at Citi, for example, joined ANZ in August as chief executive of international banking, based in Hong Kong.
We can now expect more ANZ poaching in mainland China. Geczy yesterday told the South China Morning Post that ANZ was looking to hire from the existing talent pool in China, a market notoriously short on experienced global bankers. “The competition is very strong for experienced talent,” Geczy said. “There is still a growing demand for high-quality bankers in China.”
ANZ has also appointed Scott Collary as its new chief information officer, reports the AFR.
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Salaries primed to jump 4.5% next year in Singapore. (Straits Times)
Singapore insurance sector set for steady growth, says Great Eastern chief executive. (Today)
Standard Chartered is under attack! (Telegraph)
Banks in Hong Kong compete for offshore yuan. (Financial Times)
Bank of China among world's least transparent companies. (Business Spectator)
UBS says financial-sector stocks will help Hang Seng Index gain at least 15% next year. (South China Morning Post)
REIT managers create new lobby group in Singapore. (Today)
Singapore takes stand against workplace harassment. (Asia One)
Chinese banks receive liquidity injections. (WSJ)
Singapore Airlines offers “lazy” new seats to business class travellers. (Business Week)