Citi has just hired one of HSBC’s top Hong Kong investment bankers

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Veteran HSBC banker William Tang has moved to Citi as its new head of Asia consumer and retail investment banking. Tang, who held the same position at HSBC, joined Citi in Hong Kong earlier this month at managing director level.

Citi’s investment bank has been on the lookout for a new boss of its Asia consumer business since former head Daniel Wang left the position in April. He joined boutique investment bank Harris Williams & Co in June to lead its Asian M&A operations.

Tang’s hiring represents a coup for Citi. He is regarded as one of Asia’s leading consumer and retail group bankers and has advised many of China’s largest retail chains.

Consumer and retail was one of the few sectors in Asia Pacific investment banking to increase year-on-year revenues in the first half of 2016, bucking a 5% fall across industries, according to Dealogic figures.

“But I don’t see a big drive to hire more consumer and retail bankers. Hiring Tang is about ensuring Citi has a very well-respected leader on board as a replacement,” says a Hong Kong-based investment banking headhunter.

Tang was with HSBC in Hong Kong for more than 13 years. Between 1998 and 2003 he worked for Deutsche Bank in New York, latterly as a VP, and specialised in M&A.

Earlier in his career, Tang worked in M&A for Lehman Brothers in New York and was a Silicon Valley-based senior consultant at Coopers & Lybrand.

Image credit:  V2images, Getty

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