RBS brings in two new China experts

Royal Bank of Scotland has brought on board two further senior investment bankers for its China business as it boosts efforts to grab market share in the world's second-largest economy.

RBS yesterday named former Citigroup executive Wei Wang as head of its China financial institutions group (FIG) and Qing Zhu, from JP Morgan, as head of China energy and resources.

The appointments come shortly after the launch of its stock brokerage joint venture with Huaying Securities based in the eastern city of Wuxi, near Shanghai.

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Matthew Kirkby, the bank's regional head of global banking and global head of corporate finance, said: "China is a very important market for RBS. We see tremendous growth potential."

RBS chief executive Stephen Hester sold the bank's 4.3 per cent stake in Bank of China early in his tenure as a clear departure from an ambitious expansion strategy under his predecessor Sir Fred Goodwin. But the firm maintained its investment bank presence in the region.