Merrill picks new chief for Asia Telecom banking

Merrill Lynch & Co, the world's biggest brokerage by capital, hired ABN Amro Holding NV's Wu Gang to run telecommunications banking in China, Hong Kong and Taiwan, as it beefs up to win more takeover advisory business.

Wu worked at Merrill in London for six years until August last year when he joined ABN Amro, working as one of six bankers on the team which advised KG Telecommunications Co (和信電訊) on the nation's biggest merger this year, said Charles Skeeles, ABN Amro's spokesman in Hong Kong.

Far EasTone Telecommunications Co (遠傳電信) agreed on Wednesday to buy KG for NT$29.8 billion (US$882 million) in shares and stock to create a mobile-phone company that will control 30 percent of the nation's market.

Wu, 38, resigned from ABN Amro this week. At Merrill he will report to Sam Poon, head of investment banking in Asia.

Merrill ranks fourth arranging overseas equity and equity-linked sales for Taiwanese companies this year. It has arranged sales for Chunghwa Telecom Co (中華電信), Taiwan Semiconductor Manufacturing Co (台積電) and Quanta Computer Inc (廣達電腦).

That's after it was shut out of all the biggest equity sales in Taiwan last year.

Merrill ranks seventh among advisers on mergers and acquisitions involving companies in China, Hong Kong and Taiwan, up from 12th last year. That's better than its 15th position in Asia Pacific outside Japan and worse than its global third ranking.

ABN Amro ranks 14th advising on mergers and acquisitions in Asia outside Japan and Australia.