It now has more than 10,000 people working in 16 markets across the region and, just as Asia’s capital markets have performed so well lately, so Citigroup’s corporate and investment banking (CIB) division has posted record revenues.
The bank believes it has got the corporate and investment banking model right. “Our investment banking team is now closely integrated with our corporate banking business and, taken as a whole, we have the best team with the broadest product range of any foreign bank operating across the Asia-Pacific,” says Robert Morse, CEO of Citigroup CIB, Asia-Pacific. “Our investment banking workforce is growing rapidly in key markets like China and India, and we continue to bring new products and expertise to the market.”
Mr Morse says that in the past several years, Citigroup has accelerated its investment in people, technology and product capabilities and that this is now paying terrific dividends in terms of market share. “We have a local franchise in Asia that is unmatched. When you combine this footprint with our global capabilities, it provides us with a greater insight into clients’ needs,” he says. “Whether they want to go local or international, or need advice on bonds, loans, equity, M&A or structured solutions, we can customise solutions to help them achieve their goals.”
Notable deals include the Toll-Patrick merger in Australia, Kohlberg Kravis Roberts & Co’s acquisition of the software development and solutions business of Flextronics International Ltd, and the merger of the operations of MTRC and Kowloon-Canton Railway Corporation on behalf of the Hong Kong SAR government.
“Our mix of the business over the past year underlines Citigroup’s unmatched scale in Asia-Pacific in both the international and local markets,” says Mark Renton, head of investment banking, Asia-Pacific. “We were involved in some of the most significant offshore M&A transactions from Asia, including the largest overseas acquisition to date by a Chinese company. We also sole managed the largest ever high yield bond issue [Fortescue] and were joint bookrunner for the largest block trade [PetroChina] over the past year in the Asia-Pacific.”
