Australia and New Zealand Banking Group has hired one of Bank of America Merrill Lynch’s top China bankers to fill its head China position after two regional chief executives at the Melbourne-based bank resigned within a span of two months this year.
ANZ on Thursday appointed Huang Xiaoguang as China chief executive, the bank said in a statement. Huang was co-head of global corporate and investment banking for BAML China. Alex To, a former Morgan Stanley banker, was appointed a BAML co-head in mid-September.
In July, the South China Morning Post reported that both ANZ’s Hong Kong head Susan Yuen and China head Charles Li had resigned between June and July. Li came on as China chief executive in 2011.
In its drive to expand in Asia, a strategy the bank launched in 2011 under chief executive Mike Smith, ANZ has poached several international bankers in the region. In May, it hired Citi Bank regional head of global banking, Farhan Faruqui.
ANZ head of international and institutional banking Andrew Geczy, who joined the bank from Lloyds Banking Group last year, told the Post on Thursday that the banks was looking to recruit from the existing talent in a market short on experienced global bankers.
“The competition is very strong for experienced talent,” Geczy said. “There is still a growing demand for high-quality bankers in China.”