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HONG KONG, April 24 (Reuters) - Citigroup Inc has hired Simon Yuan, a former Credit Suisse banker, to head China FIG (financial institutions group) investment banking, according to an internal memo seen by Reuters on Friday.

Yuan was previously the co-head of Asia FIG at Credit Suisse, and previously worked at Goldman Sachs and HSBC Holdings in Hong Kong and Beijing. He will report to Willard McLane and Catherine Cai.

McLane is Citi's Asia-Pacific head of FIG while Cai heads China investment banking.

Yuan joins Citi at a time when China FIG M&A and capital raising is expected to pick up on the back of a rally in Chinese banks shares.

A Citigroup spokesman confirmed the content of the memo.

(Reporting by Denny Thomas; Editing by Anand Basu)