Commenting on the appointment, John McCormick, Asia Pacific Chairman for RBS said: 'Sherry brings 15 years of China investment banking experience to her new role with RBS. Sherry’s appointment demonstrates our continuing focus on building our corporate and investment banking business both in and outside of China. RBS recognises the importance of success in China as critical to our business performance in Asia Pacific. The addition of Sherry Liu to what is already a very experienced team is part of our continuing investment to ensure that we can best serve the needs of our clients'.
Ms. Liu will be responsible for overseeing and driving the Bank’s overall business strategy inChina, across banking, markets, wealth and various joint venture investee companies in thecountry.
Ms Liu will report jointly into John McCormick and Matthew Kirkby, Regional Head of Global Banking. She will also join the Global Banking Asia Pacific Management Team. Ms Liu joins RBS from JP Morgan Chase, where she was Chairman for China Financial Institutions and Vice Chairman for China.
'I’m excited to be joining RBS in building its franchise in China. RBS has built a fantastic collection of banking businesses and investments in China that very few foreign banks in China can match. I believe RBS has a very compelling growth story in China and I’m excited to be part of growing these activities to the next level', said Ms Liu.
RBS provides comprehensive corporate and investment banking and markets services to major corporate and institutional clients in China and across the globe. Established in China since 1903, RBS operates through a locally-incorporated bank headquartered in Shanghai with five branches in China and 500 employees. The bank has also built multiple non-banking business platforms including: a wholly owned leasing company; a shareholding in Suzhou Trust; and a joint venture with Galaxy Futures. It is the first UK bank which has secured approval to set up a domestic securities joint venture. This venture is being formed with Guolian Securities.
RBS has been an active player in the investment banking market in China, key transactions in recent years including:
- Having helped a number of Chinese clients in raising more then CNY4.3 billion offshore Renminbi funding over the past three months, including ICBC Asia’s 2-year CNH3 billion - the largest institutional CNH certificate of deposit issue and the largest institutional-driven CNH bond issuance by a financial institution to date;
- Also having issued its inaugural 3-year CNH bond in January 2011, becoming one of the few financial institutions from developed economies issuing in the CNH market.
- RBS acted as Sole Financial Adviser to China National Bluestar (Group) Co. Ltd. on the USD2 billion acquisition of Elkem AS from Orkla ASA in Norway;
- China Railway Engineering Corporation’s USD2 billion Hong Kong initial public offering, where RBS acted as joint global coordinator and joint bookrunner.