SHANGHAI - The Royal Bank of Scotland Group Plc said on Wednesday that it had hired Sherry Liu as chairman and chief executive officer of RBS in China.
Liu was formerly with JPMorgan Chase & Co.
Liu will oversee RBS's overall business in China, across banking, markets, wealth management and various joint-venture companies it has invested in, RBS said in an emailed statement.
RBS won approval last year to set up a securities JV in China, which would enable it to underwrite stocks and bonds in the fast-growing financial market.
RBS, over three-fourths owned by the British government, has sold most of its commercial banking units in Asia as part of an asset sale program, but still has its investment bank presence in the region.
As part of its shift in focus, RBS agreed with DBS Group in December that DBS would take over RBS's retail and commercial businesses in three major Chinese cities.
