Bank of America-Merrill Lynch has appointed Margaret Ren, a well-known mainland banker as its new China chairman, according to an internal memo seen by the South China Morning Post on Tuesday.
Ren, who is well connected to the Chinese government given her family background, joined BAML from BNP Paribas. She used to work for Merrill Lynch for various senior positions.
BAML is the result of Bank of America's acquisition of Merrill Lynch during the 2008 global financial crisis.
BAML declined to comment.
Ren left Merrill Lynch in 2009 to join BNP Paribas as as Chairman and CEO of Corporate Finance, Greater China and her departure to BNP was widely regarded a loss for Merrill, which was rescued from near collapse earlier in 2009 by Bank of America.
Prior to working at Merrill, Ren was a star banker at Citigroup, where she was suspended by the bank over an inquiry into the 2003 IPO of China Life Insurance, in which she played a key role.
Ren left Citigroup soon after and was cleared of any wrongdoing in issue by the US Securities and Exchange Commission in 2006.
For more details on this exclusive story, please read Wednesday's South China Morning Post or visit scmp.com.