* Wu starts new role on Oct. 1
* China accounts for one fifth of Temasek's portfolio
SINGAPORE, Sept 13 Singapore's state investor
Temasek Holdings Pte Ltd has appointed Wu Yibing, a
senior executive from China's biggest brokerage firm CITIC, to
head its China business, which accounts for about a fifth of its
$170 billion portfolio.
The portfolio includes significant stakes in China
Construction Bank and Industrial and
Commercial Bank of China .
Wu, who starts his new role on Oct. 1, will replace Ding
Wei, who will become Temasek's senior advisory director for
China. Ding, a former executive chairman of China International
Capital Corp (CICC), joined Temasek in February 2011.
Temasek said Ding has requested to work in an advisory
capacity so he can pursue other interests.
Wu is currently chairman and chief executive officer of
Goldstone Investment Co Ltd, the direct investment arm of CITIC
Securities, and president of CITIC Private Equity Funds
CITIC Private Equity Funds is headed by one of the country's
most high-profile princeling investors, Liu Lefei, the son of
current politiburo standing committee member Liu Yunshan.
Wu, a fluent English speaker, is a regular panelist and
keynote speaker on the private equity conference circuit in
Before joining CITIC, he was executive vice president at
Legend Holdings, responsible for overall business operations. He
led the firm's equity investments in the financial, energy and
consumer sectors, among others.
Before that, he held various high level positions at the
Lenovo Group, and prior to that he was a senior partner at
McKinsey & Co. He has a PhD from Harvard University.
(Reporting by Saeed Azhar and Stephen Aldred in Hong Kong;
Editing by Edwina Gibbs)