China International Capital Corp has lost its investment banking head in the latest in a series of departures from the country’s only domestic investment bank, the Financial Times reported. Ding Wei, who worked at the World Bank, IMF and Deutsche Bank (DB.NYSE, DBK.FWB) before joining CICC in 2002, is taking several months off to “contemplate several options,” which are thought to include setting up his own private equity firm. News of Ding’s exit comes less than a month after Morgan Stanley (MS.NYSE) received government approval to sell its 34.3% stake in CICC to a consortium led by TPG Capital and KKR (KKR.NYSE, KKR.Euronext). In the past few months, a string of CICC employees have moved on. A major reason for the departures is believed to be that phantom equity shares granted to senior staff starting in 2006 – and which collectively account for about 20% of CICC’s total value – are no longer subject to a lock-up period.
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