RBS adds Chinese investment bankers, betting on deal boom

HONG KONG: State-controlled Royal Bank of Scotland Group Plc said on Monday that it has hired two senior investment bankers in China, looking to grab a larger piece of dealmaking in the world's second-largest economy.

RBS named Wei Wang head of its China financial institutions group (FIG) and Qing Zhu head of China energy and resources. Wang joined from Citigroup Inc , where he worked as head of public sector group, while Zhu joined from JP Morgan Chase & Co , where he worked as a banker on natural resources and real estate deals, RBS said in a statement.

There is an estimated $16 billion worth of mergers and acquisitions in the works in the financial services sector, making FIG a top priority for many banks in Asia Pacific.

The region has also been a magnet for initial public offerings, with Hong Kong as the biggest IPO market for two years running. RBS was among the banks in the $1.25 billion IPO by luggage maker Samsonite International SA this month.

"China is a very important market for RBS. We see tremendous growth potential, particularly in the Energy & Resources and FIG sectors," Kirby said in the statement.

Copyright Reuters, 2011