Thursday, 24 April 2014

Banking on someone else to sleep your bank to the top

Ah, the morality of bankers knows no bounds.
China Resources, the state-owned conglomerate whose chairman was detained last week by anti-corruption investigators, has allocated many of its investment banking deals over the past five years to institutions employing the chairman’s alleged mistress.
From 2009 until 2012, Credit Suisse was one of the most prominent advisers on acquisitions and capital market activity carried out by China Resources and its numerous subsidiaries, according to data from Dealogic financial services information. This period coincides with the employment of Yang Lijuan, who also goes by the name Helen Yang and who is alleged to have been the mistress of the disgraced China Resources chairman Song Lin.
And, surprise, surprise, when Ms Yang left Credit Suisse for UBS the business stopped for Credit Suisse while UBS became the joint bookrunner on two large bond sales and a key adviser on the two largest public acquisitions ever involving China Resources.
I suppose we could call it banking on someone else to sleep your bank to the top.
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