The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
OPINION

Zheng and the art of relationships

One-upmanship is the norm in investment banking and UBS Warburg and Goldman Sachs have proved it's alive and well after the listing of Bank of China Hong Kong. But rather than the usual "our execution was better than yours" routine, this time the boasting is over who gave the snazziest gift to a client.


It started at the post-listing party in Hong Kong. Liu MingKang, chairman of the Bank of China, opened the floor for speeches. Rodney Ward, chairman of UBS Warburg Asia, was first up. "Rodney would never give up the opportunity to stand up and speak very loudly," says a banker who was there.


After a rousing speech, Ward presented Liu with a framed envelope from the 1930s that was posted from one branch of Bank of China to another. Ward claims it was from his personal collection. Cynics suggest it came from a junk store. Either way, it did the trick: Liu was touched and Goldman's bankers, who were empty-handed, were totally blindsided.


Not to be outdone by a brown envelope, Goldman spotted its chance to make amends. At a second party at the Great Wall of China, modestly entitled "We are Heroes", Goldman presented Bank of China and the finance ministry with maps showing the journeys of 15th-century Chinese explorer - and eunuch - Zheng He.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree