CICC exec losses signal falling fortunes
Print Edition
A day after China International Capital Corp’s high-profile chief executive resigned, sources said yesterday that its chairman would also quit this year, highlighting the declining fortunes of the country’s first investment bank.
CICC made its name shepherding the biggest state-owned enterprises onto the Shanghai and Hong Kong bourses, helped by the impeccable political connections of outgoing CEO Zhu Yunlai, the son of former Premier Zhu Rongji, but has since been left behind by nimbler outfits.
CICC Chairman Jin Liqun, who had said on Tuesday after Zhu’s resignation that the bank “needs to be handed to the next generation,” is also on his way out, two sources close to senior managers at CICC said, to take up a position at Asia Infrastructure Investment Bank, a regional development bank being set up by Beijing.
While Zhu had been at CICC for 16 years, Jin only joined in June last year.
“If there are no surprises, Jin Liqun will submit his resignation within the next two months,” said one source.
The loss of two such senior men in short order comes on top of other high-profile exits this year at CICC, such as Jiang Guorong, co-head of investment banking, and Marshall Nicholson, co-head of international investment banking.
The exodus may also delay the bank’s plans to debut on the Hong Kong stock exchange, rumors of which have swirled in the media since last year.
“There is a requirement in the listing rules in Hong Kong where you need management continuity for three years for a company that wants to list,” said Philippe Espinasse, a former UBS and Nomura investment banker.
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