The father of the red chips, Francis Leung, is stepping down from his full-time role at Citigroup after five years with the firm, the Financial Times reported. Leung, who is known for bringing scores of mainland companies to the Hong Kong market during the 1990s, is believed to be one of the best-paid bankers in Citigroup's Asia operations. His departure, which comes a week after the departure of Wei Christianson, Citigroup's China head of investment banking, weakens the top ranks of Citigroup's investment bank in China at a time when volumes of equity and M&A deals are soaring. He is believed to want to pursue other interests, including private equity, but will remain a part-time adviser to Citigroup.
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