(Bloomberg) -- A senior banker at Nomura Holdings Inc. has been barred from leaving China in a move connected to a long-running investigation of a top dealmaker in the country, the Financial Times reported.Most Read from BloombergChinese Gold Buying Is Driving a Paradigm Shift in BullionIndians Have Five Days to Deposit $3 Billion in Soon-to-Be-Withdrawn BanknotesIndia-Canada Clash Should Be a Wakeup CallWells Fargo Preps for Wealth Battle After $1 Billion TurnaroundCorzine Plans to Shut Hedge F
Charles Wang Zhonghe, who is chair of investment banking for China at the Hong Kong arm of the Japanese bank, has not been detained and is only restricted from exiting China, the newspaper reported, citing people familiar with the matter it didn’t identify. Nomura declined to comment and Wang didn’t immediately reply to a request for comment, the FT said. A Nomura spokesperson declined to comment to Bloomberg News.
The travel restriction is linked to Wang’s time at Industrial & Commercial Bank of China Ltd., where he worked before joining Nomura in 2018, according to the report. While at ICBC he overlapped with Cong Lin, a former executive at China Renaissance Holdings Ltd. who was summoned by regulators a year ago and has since been detained, the newspaper said.
Wang was deputy CEO at ICBC from 2011 to 2016 and before that worked at Deutsche Bank AG, according to his LinkedIn profile. He was educated in Texas as well as China.The investment climate in China has become increasingly fraught as the economy struggles and President Xi Jinping has cracked down on broad swathes of the private sector over the past few years. The finance industry has been rocked by a clampdown on alleged corruption that started in late 2021 and has shown no sign of abating.
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