Merrill Lynch has hired former Citigroup executive Margaret Ren as chairman of China investment banking after US regulators cleared her of wrongdoing in the IPO of China Life Insurance, Bloomberg reported. Ren was suspended by Citigroup in June 2004 over a US Securities and Exchange Commission inquiry into the firm's handling of the $3.5 billion share sale of China Life. She left shortly after suspension and was cleared of any wrongdoing by the SEC last year. Ren, the daughter-in-law of former Chinese premier Zhao Ziyang, will report to China regional chairman Liu Erh-fei and Sheldon Trainor, head of Asia investment banking.
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