ING Private Banking has appointed Elaine Lai as general manager, wealth management and onshore private banking China.

The bank says Lai will lead the development of the onshore private banking business in China, and provide wealth management expertise to ING and its affiliates, namely ING Vysya Bank in India, TMB Bank in Thailand and the Bank of Beijing.

Lai will be based in Shanghai and report to Philippe Damas, CEO of retail and private banking Asia and CEO of ING Private Banking, in the area of retail wealth management. For the onshore private bank business, she will work under Sermon Kwan, head of Greater China region for ING Asia Private Banking.

öChina is one of the regionÆs most dynamic and fast-growing markets, with great potential for further growth in wealth management," says Damas. "ElaineÆs appointment is a significant boost to our business, and signals our commitment to developing this key market.ö

Lai is a seasoned banker with more than 15 years industry experience. Prior to joining ING, she worked for Standard Chartered Bank and helped spearhead the issuance of local currency retail bonds in Hong Kong and built the bank's Hong Kong onshore debt securities market. During her role as the general manager for China Wealth Management, she helped pioneer the introduction of structured deposits and offshore investments into the mainland China market. She grew the wealth management business in 13 cities.

Prior to Standard Chartered, Lai was the head of treasury sales and services with the global consumer banking division of Citi in Hong Kong.