UBS China investment bank deputy head to join local firm

HONG KONG, June 20 | Mon Jun 20, 2011 9:00am BST

HONG KONG, June 20 (Reuters) - UBS's deputy head of investment banking in China, Joe Zhang, will leave the bank to join a Chinese micro-loan company to tap the growth potential in the sector, a source close to Zhang said on Monday.

UBS confirmed Zhang's departure in an e-mail to Reuters, but said he would continue to work with the bank on a collaborative basis on some client activities.

Economic Observer News' online edition quoted Zhang as saying in an email to friends last Friday that he would join Wansui Microloan Co Ltd as chairman. The source confirmed the report.

UBS rehired Zhang in 2008 as deputy head of investment banking in China after he resigned as co-head of China research at the bank in 2006 to join Shenzhen Investment as its chief operating officer.

Founded in 2009, Guangzhou-based Wansui has registered capital of 150 million yuan ($23.2 million) and 47 employees, Economic Observer said.

($1 = 6.471 Chinese Renminbi) (Reporting by Alison Leung and Denny Thomas; Editing by Jonathan Hopfner)

Source: http://feedproxy.google.com/~r/reuters/UKBankingFinancial/~3/xnFQYf5JPy0/idUKL3E7HK0ZV20110620

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