The Swiss bank has seen a number of bankers exit its investment banking business unit in Asia over recent months.
Financial news provider «Bloomberg» reports that Jiang Guorong has left UBS, where he was China Head of Corporate Client Solutions and Vice Chairman for the division in Asia.
It is believed Jiang, who had been with the bank since 2014, will be joining Citigroup as China Head of Corporate and Investment Banking.
Leadership Calibrated
Following the latest high profile exit UBS moved quickly and named Greg Peirce and Pei Shen Chou to jointly lead dealmaking in the Asia-Pacific region.
Peirce and Chou, based in Sydney and Hong Kong respectively, will join the APAC management committee with immediate effect, UBS told employees in a memo according to the Bloomberg report which was also confirmed by a UBS spokesman.
Rainmakers Gone
Jiang's departure is a blow after the Zurich based bank lost Alison Harding-Jones, who is also joining Citigroup as head of mergers and acquisitions in Europe, the Middle East and Africa.
Most recently, Harding-Jones had worked from Hong Kong, where she ran the M & A business in the Asia-Pacific region. During this time, she established close ties with Chinese investors who are currently looking for takeover targets in Europe.
Not Just China
Over the past decade, the Swiss bank has built one of the largest China-focused investment-banking businesses and while China remains a key market, UBS wants to pay more attention to other parts of Asia.
finews.asia reported earlier this week that the former Barclays managing director and head of structured finance in India, Anuj Kapoor is set to join UBS as the head of its investment banking division there.
Recently, Sam Kendall, head of corporate client solutions Asia Pacific region, said that UBS is committed to strengthen the business across Asia, especially in Southeast Asia, South Korea and India.
