CICC appoints new investment banking head -sources

China International Capital Corp Ltd (CICC) has appointed veteran dealmaker Wang Shuguang to lead its investment banking business, said two people with knowledge of the matter.

The appointment, effective July 11, comes as Wang Sheng, the bank’s previous investment banking head, has moved to China Galaxy Securities (601881.SS) to take over as chief executive of the smaller peer.

The two have the same surname but are not related.

CICC did not immediately respond to a request for comment.

Wang Shuguang joined the country’s oldest investment bank in 1998, three years after it was founded, and has more than two decades of experience in dealmaking, according to an official biography.

He established CICC’s growth enterprise investment banking division, which focuses on serving China’s fast-growing new economy companies and has helped diversify the bank’s clients beyond the state-owned enterprises community.

Wang was most recently the co-head of CICC’s Capital Management, its alternative investment arm.