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SCMP Reporter

An industry veteran with experience in taking mainland enterprises public in Hong Kong will fill a key position with the investment banking arm of Bank of China (Hong Kong).

Henry Tsang joins Bank of China International (BOCI) tomorrow as head of the investment banking division and managing director, reporting directly to BOCI chief executive Li Shan. Until now, Mr Li has been acting as head of the investment banking division in addition to his other duties.

Mr Tsang joins BOCI from the United States investment bank, Bear Stearns Asia, where he was serving as president of Bear Stearns Asia ex-Japan.

It was under his stewardship that Bear Stearns won the coveted role of global co-ordinator and joint lead manager for the US$4.2 billion initial public offering of China Mobile (Hong Kong) in 1997.

Mr Tsang helped two large state-owned enterprises, Yanzhou Coal Mining and Beijing Yanhua Petrochemical, go public in Hong Kong.

Before joining Bear Stearns in 1996, he worked at Merrill Lynch for 16 years. While at Merrill, he was involved in the privatisation offerings of Shanghai Petrochemical and Jilin Chemical in the early 1990s.

The hiring of Mr Tsang heralds an infusion of new blood at BOCI.

The investment bank is preparing for the long-awaited public listing in Hong Kong of Bank of China (Hong Kong).

Mr Li said last month the investment bank had laid off 20 per cent of its workforce in Hong Kong and Southeast Asia.

However, BOCI has hired a number of new people since then and has brought the company's head count in Hong Kong back up to 625, exactly where it was before the last round of lay-offs.

It also picked up another 80 employees from its acquisition of online brokerage Hutchison CSFBdirect in March.

Last month, Eric Mak joined BOCI from WI Carr as the new head of corporate and institutional sales.



Bear Stearns veteran takes up key investment division post