💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-ANZ names RBS's Li as new China boss

Published 01/20/2011, 06:34 AM
Updated 01/20/2011, 06:36 AM

* ANZ appoints Charles Li from RBS as China CEO

* Ex-ANZ China CEO Christine Ip joins UOB - sources

* Ip's appointment could point to UOB China push - source

(Adds details on Ip's new appointment, quote)

SYDNEY/HONG KONG, Jan 20 (Reuters) - Australia and New Zealand Banking Group named Charles Li from the Royal Bank of Scotland as its new chief executive for China on Thursday, as it continues to expand in the region.

Li was most recently country executive and head of global banking for China at RBS, Australia's No.4 bank said in a statement, replacing Christine Ip who quit and moved to Singapore late last year.

"Since establishing our locally incorporated entity last October we have increased the pace of our expansion," ANZ's China Chairman Gilles Plante said in a statement.

ANZ runs its own operations in China and also owns a 20 percent stake in the unlisted Bank of Tianjin and Shanghai Rural Commercial Bank.

Separately, Ip has joined Singapore's No.3 lender United Overseas Bank as its senior vice president for the Greater China region, two sources with direct knowledge of the information said on Thursday.

Ip's appointment points to a stronger push by UOB to expand its operations in China outside of its Singapore home market, one of the sources said. The two sources declined to be named because the information was not yet public.

The former HSBC and Standard Chartered banker had previously helped ANZ receive approval from the Chinese authorities to incorporate locally in the country, and was crucial in the bank's China expansion drive.

UOB was not immediately available for comment.

Competition for experienced financial talent has been intensifying in recent years, with bankers frequently moving between firms as new players seek to gain a slice of the fast-growing China pie. (Reporting by Narayanan Somasundaram and Kelvin Soh; Editing by Jon Loades-Carter)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.