Biz Scene: Biz Moves

Investment banker

Credit Suisse Group, Switzerland's second-largest bank, said it hired Jeremy Xiao (pictured) from Herbert Smith LLP in Beijing as a managing director of China investment banking.

Xiao, 49, will focus on coverage of clients in the energy and telecom industries, the Zurich-based bank said. He will join Credit Suisse in November and will report to Paul Raphael, Asia head of investment banking, and China head of investment banking Zhang Liping.

Xiao was previously a managing partner and co-head of global equity capital markets at Herbert Smith. He specializes in corporate finance deals in China.

Change of guard

Benjamin Hung Pi-cheng, head of consumer banking at Standard Chartered Bank (Hong Kong), will succeed Peter Sullivan as chief executive of the bank's operations in the city when the latter retires at the end of the year.

Hung, 43, will be the second Chinese to take up the position, underscoring the growing importance of the mainland market to the bank.

Along with overseeing the bank's local operations, Hung will also advise on the group's growing mainland presence, which is managed by Katherine Tsang King-suen.

(China Daily 10/12/2007 page15)