ExclusiveTop Chinese banker joins private equity
Former chairman of SDB teams up with old friend to head PAG's business in the country
Xiao Suining is the latest top banker to move into private equity, a growing trend in the financial industry.
The former chairman of Shenzhen Development Bank - which was renamed Ping An Bank following its takeover by Ping An Insurance - recently joined PAG (formerly Pacific Alliance Group) as China chairman and partner in charge of the company's private equity business, people familiar with the matter said.
In Hong Kong, the private equity world is a hot new destination for high-flying investment bankers. The 2008 financial crisis, which cost tens of thousands of banking jobs, forced many bankers to rethink their careers with the big global banks at the heart of the crisis.
On the mainland, it is uncommon for top executives of leading domestic commercial banks to join the private equity world, since most would rather opt for senior jobs in the government or enjoy a comfortable retirement after decades of service.
[Both men have] deep knowledge of how things can really be done in the country
Xiao's move may inspire other bankers pondering their career paths, industry sources said.
An internal PAG memorandum to staff, seen by the South China Morning Post, said: "Suining will be involved not only in sourcing and executing investments on behalf of PAG Capital in China but will also bring important relationships and a senior presence for PAG in China across our strategies."