Citi has just hired one of Barclays’ top Hong Kong bankers

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Nancy Cheng, Barclays’ Hong Kong-based head of global corporates coverage, has left the British bank after seven years to join Citi.

Cheng, who was featured last year in our list of Hong Kong’s leading corporate bankers, is now head of APAC financial technology, corporate banking, at Citi, according to her online profile.

Her move into fintech coverage banking appears well timed. Fintech is a growth sector for Citi’s corporate and investment bank, both in Asia and globally. In May, Citi hired Rahul Singla, the head of financial technology investment banking at Deutsche Bank in the US, as its managing director of fintech. Even as they compete with Asian tech firms (for example, Alibaba and Grab) in fields such as digital payments, global banks in Singapore and Hong Kong are increasingly trying to win advisory, listing and transaction-banking business from them as clients.

Cheng’s former firm, Barclays, pared back its Asian operations to just four markets (Hong Kong, Singapore, Japan and India) in 2016 and is now focused on connecting these countries to its core UK and US businesses, and vice versa. This has limited the ability of some of its bankers to work on intra-Asian deals.

Veteran Cheng began her career back in 1997 at Standard Chartered in New York as a relationship manager, focused on commodities and corporate banking. She moved to Bank of America in NYC as a VP-level relationship manager in international banking in 2002 and was promoted to SVP three years later, working in subsidiary banking and treasury management.

Cheng relocated to Hong Kong with BoA in 2010 to become a director in trade and supply chain finance. Barclays hired her the following year, according to her profile. Alongside her global corporates role at Barclays, Cheng was also global relationship director for Greater China.

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Image credit: winhorse, Getty


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