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Tag: citi

  • Citi Names Regaional Co-Heads of BCMA

    Citi Names Regaional Co-Heads of BCMA

    They will replace David Biller, who will be relocating to Europe at the end of the year to take on a broader role as co-head of industrials for EMEA, Asia and Japan.

    Citi has appointed Matthew Nimtz and Jonathan Quek as co-heads of Asean banking, capital markets and advisory (BCMA), effective immediately, according to an internal memo seen.

    Nimtz and Quek are long-time Citi veterans and have worked together in Singapore for the past 10 years, Citi said. Nimtz leads the ASEAN M&A franchise, while Quek is co-head of real estate investment banking, Asia, as well as head of investment banking, Singapore.

    The pair will report to Jan Metzger for BCMA and Amol Gupte for ASEAN.  They will also maintain their existing roles in M&A (reporting to Colin Banfield) and real estate (reporting to Tom Flexner), respectively. Asean corporate banking country heads will report into Nimtz and Quek, in addition to their current reporting lines into Kaleem Rizvi for corporate banking and the respective CCOs, According to an internal memo seen.

    Matt and Jon’s leadership will be instrumental in continuing the strong momentum in the increasingly important Asean market,» Citi said.

    We are running at record levels for capital raising and advisory for clients across Asean. This is a mix of balance sheet strengthening and financing to support growth. There is massive transformation happening across all industries in Asean and with a global network, this has helped sharpen our dialogue with clients as they increasingly want a global perspective,» said the memo.

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  • Citi Names Regaional Co-Heads of BCMA

    Citi Names Regaional Co-Heads of BCMA

    They will replace David Biller, who will be relocating to Europe at the end of the year to take on a broader role as co-head of industrials for EMEA, Asia and Japan.

    Citi has appointed Matthew Nimtz and Jonathan Quek as co-heads of Asean banking, capital markets and advisory (BCMA), effective immediately, according to an internal memo.

    Nimtz and Quek are long-time Citi veterans and have worked together in Singapore for the past 10 years, Citi said. Nimtz leads the ASEAN M&A franchise, while Quek is co-head of real estate investment banking, Asia, as well as head of investment banking, Singapore.

    The pair will report to Jan Metzger for BCMA and Amol Gupte for ASEAN.  They will also maintain their existing roles in M&A (reporting to Colin Banfield) and real estate (reporting to Tom Flexner), respectively. Asean corporate banking country heads will report into Nimtz and Quek, in addition to their current reporting lines into Kaleem Rizvi for corporate banking and the respective CCOs, According to an internal memo.

    Matt and Jon’s leadership will be instrumental in continuing the strong momentum in the increasingly important Asean market, Citi said.

    We are running at record levels for capital raising and advisory for clients across Asean. This is a mix of balance sheet strengthening and financing to support growth. There is a massive transformation happening across all industries in Asean and with a global network, this has helped sharpen our dialogue with clients as they increasingly want a global perspective, said the memo.

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  • Prospective Suitors Ready for Citi’s Asia Retail Sale Deadline

    Prospective Suitors Ready for Citi’s Asia Retail Sale Deadline

    Binding bids for Citigroup’s retail assets across Asia are due within the coming week with interest drawn from both fellow global banks and local players.

    Binding bids for Indonesia, the Philippines, Taiwan, and Thailand are due on Friday, according to a «Bloomberg» report citing unnamed sources, with offers for India due next week. Deliberations are ongoing and potential buyers could decide not to proceed with their offers.

    This is part of Citi’s ongoing plans to unload its retail assets in 13 markets across Asia and Europe, the Middle East, and Africa with its Australian unit sold to NAB in August.

    A sale of Citi’s Taiwan retail assets could raise about $2 billion to $4 billion, according to the report, depending on which assets are included.

    In April, Taiwan’s government said it would monitor and prevent Citi from transferring high net worth clients to its units in Hong Kong and Singapore.

    Banks planning to make bids include DBS, Standard Chartered, Cathay Financial Holding Co, and Fubon Financial Holding Co., the report added.

    Citi’s Thailand assets is valued at over $2 billion with Bangkok Bank planning to make an offer.

    Mitsubishi UFJ-owned Bank of Ayudhya is also weighing a bid.

    The Indonesia unit is valued at as much as $1 billion with DBS planning to make an offer.

    UOB and Malayan Banking are also making considerations on bidding.

    The Philippines unit is also valued at as much as $1 billion with BDO Unibank, Metropolitan Bank & Trust Co, Bank of the Philippine Islands and Union Bank of the Philippines all making considerations on extending an offer.

    Valued at about $2 billion, Citi’s India consumer assets are expected to attract a bid from Kotak Mahindra Bank.

    HDFC Bank and ICICI Bank are also weighing bids.

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  • Citi Nets Ex-Goldman Southeast Asia Investment Banker

    Citi Nets Ex-Goldman Southeast Asia Investment Banker

    Citigroup has reportedly hired the former Southeast Asia head of investment banking from Goldman Sachs.

    Harry Naysmith will join Citi as its vice chairman of banking, capital markets and advisory for Southeast Asia.

    Naismith joined Goldman Sachs in 2013, last as its Southeast Asia head of investment banking. Previously, he also spent five years with ABN AMRO.

    Naysmith is the second Goldman head of Southeast Asia investment banking to join Citi in recent years.

    12-year Goldman executive and former Southeast Asia investment banking co-head Udhay Furtado left in September 2018 to join Citi as its co-head of equity capital markets.

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  • Citi Commercial Bank Opens China Desk in Singapore

    Citi Commercial Bank Opens China Desk in Singapore

    The new China desk in Singapore adds to CCB’s network of six Asia desks in the region, which supports clients’ banking needs across intra-Asia growth corridors.

    Citi Commercial Bank (CCB) Asia Pacific has set up a China desk in Singapore, facilitating access to the cit-state and wider ASEAN region for emerging corporates from China, it announced on Monday.

    Mona Zhang, previously parent account manager for mid corporates in CCB China’s office, is leading the desk. Zhang brings a wealth of knowledge and experience in understanding the business landscape in China and serving the needs of Chinese corporates.

    She will build the bank’s relationships with China-based clients and support their expansion plans into Singapore and as well as the rest of ASEAN, Citi said in a statement.

    Citi highlighted CCB’s growth across China to Singapore as well as China to ASEAN corridors. Last year, it more than doubled revenue in the China to Singapore corridor, supported by 35 percent growth in new client acquisition. Momentum in new client acquisition also resulted in a doubling of revenue in the China to ASEAN corridor last year, Citi said.

    Singapore and the broader ASEAN region are key markets for growth for expanding Chinese emerging corporates. A majority of these clients set up holding companies in Singapore for their ASEAN units, with the market serving as a treasury and funding hub, Lin Hsiu-Yi, CCB ASEAN and Singapore head, said.

    Other CCB desks in the region include a Korea desk in China, Hong Kong, India and Vietnam; a Greater China desk in Hong Kong; and a China desk in India.

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  • Citi Eyes Crypto Opportunities

    Citi Eyes Crypto Opportunities

    The U.S. bank joins its peers in ramping up crypto-related efforts as client demand spikes  Citi is awaiting regulatory approval to trade bitcoin futures on the Chicago Mercantile Exchange (CME), Coindesk reported on Wednesday, citing two sources, including one at the bank.

    One of the sources said the bank is actively recruiting traders to its London crypto trading desk to begin working with bitcoin futures, though Citi denied this in a statement to «Insider.» It also denied that it was looking into products like bitcoin exchange-traded notes.

    We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks, a spokesperson told the publication.

    Citi’s Wall Street rivals have shown increased interest in the space of late. Goldman Sachs reportedly restarted its crypto trading desk in March to deal bitcoin futures and non-deliverable forwards to support clients like hedge funds. In June, it also announced plans to offer options and futures trading in ether, and in July, its asset management unit filed for an application with the U.S. Securities and Exchange Commission to offer an exchange-traded fund (ETF) focused on crypto-related companies.

    J.P. Morgan opened access for its wealth clients to five related funds and BNY Mellon joined a crypto consortium that includes State Street and six unnamed banks.

    In July, Bank of America’s prime brokerage unit started the clearing and settlement of cryptocurrency exchange-traded products (ETPs) for hedge funds in Europe.

  • Citi Posts All-Time High in APAC Net New Assets

    Citi Posts All-Time High in APAC Net New Assets

    Citi’s wealth management business in Asia Pacific registered a record-high in net new assets during the first half.

    Citi’s newly merged wealth management unit – Citi Global Wealth (CGW) – attracted nearly $15 billion in net new money across Asia Pacific, according to a statement, mostly from its wealth hubs in Hong Kong, Singapore, London and UAE.

    This included $8 billion from the second quarter with assets under management growing 21 percent year-on-year.

    Citi posted $6.19 billion of net income in the second quarter – a nearly six-fold increase compared to the same period last year.

    Asset growth was supported by ongoing expansion at CGW which includes plans to add an extra 2,300 staff – including 1,100 relationship managers and private bankers – in order to add $150 billion in total client assets by 2025.

    Year-to-date, the American bank has already added «several hundred wealth professionals» in APAC, the statement added.

    «We are capturing market share as Asian clients increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,» said Citi’s APAC chief executive Peter Babej. «As the world’s most global bank, with broad-based expertise across investment products, we are strongly positioned and fully committed to serving these needs.»

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  • Reduced Loan Provisions Boost Citi Profits

    Reduced Loan Provisions Boost Citi Profits

    Citigroup’s profits in the second quarter comfortably beat market estimates in part due to significantly reduced loan provisions driven by an outperforming global economic recovery.

    Citi posted $6.19 billion in net income for the second quarter, according to its latest results, marking a nearly six-fold increase compared to last year.

    Profits in the quarter exceeded the average analyst expectation of $4.26 billion, according to Refinitiv IBES data, though revenues fell 12 percent year-on-year to $17.5 billion.

    This was due in no small part to a $2.4 billion reduction in loan reserves for losses that did not occur. Last year, the bank added $5.9 billion to its loan reserves.

    By segment, the global consumer bank saw revenues shrink 7 percent due to decreased lending through cards resulting in $1.83 billion in income.

    The institutional business saw revenues fall 14 percent to $10.4 billion which led to $3.8 billion of income.

    Corporate and other divisions posted $532 million of income from $267 million of revenue, an 8 percent decrease.

    Within Asia, the consumer bank generated $171 million of income from $1.57 billion of net revenue.

    The investment bank posted $823 million of income from $2.24 billion of revenue.

    The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising, said Citi’s chief executive Jane Fraser in a statement.

  • Citi Private Bank Hires Global Market Head for China

    Citi Private Bank Hires Global Market Head for China

    Citi Private Bank has named a new global market head for China-based in Singapore.

    Lillian Liao joins Citi Private Bank as a managing director and global market head, China, sources said, reporting to North Asia head of private banking Rudolf Hitsch. A spokesperson for the bank declined to comment.

    Liao joins from Credit Suisse where she spent nearly 13 years last as a managing director and senior client partner.

    Citi Private Bank continues to bolster senior talent in the region following a reorganization that saw it merge retail, wealth management and private banking into a single unit – Citi Global Wealth (CGW). Citi Private Bank’s APAC head Steven Lo was named as co-head of the CGW unit in the region.

    Last month, the American private bank added ex-UBP wealth planner Faye Ong as head of the family office advisory, private capital group.

    And in May, it appointed 30-year Citi banker Lee Lung Nien as South Asia head of private banking.

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  • Citi Singapore Appoints Senior Execs

    Citi Singapore Appoints Senior Execs

    The bank has appointed five locals to senior positions across Asia Pacific in various business groups, according to an announcement.

    Chan San-San, who joined Citi in 2003, was appointed private banking high net worth head for Asia Pacific, effective July. She will continue to be based in Singapore and will join the Global Private Bank leadership team as well as the Citi Global Wealth Asia management team.

    Singapore-based Kelvin Goh was appointed Asia Pacific head of financial institutions group for investment banking, effective immediately. Goh, who joined the bank in 2018, brings 17 years of experience in the field and was most recently Citi’s Asia Pacific head of insurance, investment banking.

    Gary Chan, who joined Citi in 1997 and was most recently Singapore head of the integrated corporate bank, has been appointed Taiwan head of the integrated corporate bank, effective October 1. He will be taking over from Vivian Tan, who will be retiring from Citi after 21 years of service.

    Taking over from Chan is Gilbert Ng, who will be responsible for clients belonging to the corporates, financial institutions and public sector groups, and will have oversight of the global subsidiaries group, effective immediately. Ng joined the bank in 2006 and was most recently head of global subsidiaries group, Singapore.

    Toh Jian Xun was appointed as co-head of TMT, Asia Corporate Bank, effective immediately. He will continue to serve in his current role as head of TMT for China corporate bank, based in Shenzhen. He joined Citi in 2010.

    The moves signal our commitment to develop local talent, provide opportunities for personal and professional growth across our global network, and offer our people a long-term career in the bank,» Amol Gupte, ASEAN head and Citi country officer for Singapore, said.

    The appointments come on the heels of two other senior moves in Singapore: Serene Gay as the head of credit cards and personal loans for Citibank Singapore and Faye Ong as the head of family office advisory for Asia at its private bank.

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  • Citi to End Small Biz Banking in Singapore

    Citi to End Small Biz Banking in Singapore

    The bank will shut its consumer unit serving small businesses in Singapore in mid-August.

    Citibank has decided to close its Citibusiness unit, which will affect some 2,000 customers, following an ongoing strategic review of the business.

    About 20 to 30 staff will be affected by the changes, saying that Citi would be re-allocating its resources and our people to support other growth areas and sharpen its client focus.

    Citibusiness, which serves small-sized businesses, is part of its consumer banking division. The bank will continue to serve small and medium-sized enterprise (SME) clients through Citi Commercial Bank.

    Singapore is a priority market for Citi. We continue to invest and focus on growth areas of the bank including the SME and commercial banking business,» the spokesperson said.

    Citi recently announced that it is considering downsizing its consumer business worldwide, with an eye on selling some of its businesses in the Asia Pacific region.

    At the same time, the U.S.-headquartered bank has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.

    It aims to double its wealth management market share in Singapore from the current 5 percent and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.

  • Citi to End Small Biz Banking in Singapore

    Citi to End Small Biz Banking in Singapore

    The bank will shut its consumer unit serving small businesses in Singapore in mid-August.

    Citibank has decided to close its Citibusiness unit, which will affect some 2,000 customers, following an ongoing strategic review of the business.

    About 20 to 30 staff will be affected by the changes, a bank spokesperson said, saying that Citi would be re-allocating its resources and our people to support other growth areas and sharpen its client focus.

    Citibusiness, which serves small-sized businesses, is part of its consumer banking division. The bank will continue to serve small and medium-sized enterprise (SME) clients through Citi Commercial Bank.

    Singapore is a priority market for Citi. We continue to invest and focus on growth areas of the bank including the SME and commercial banking business, the spokesperson said.

    Citi recently announced that it is considering downsizing its consumer business worldwide, with an eye on selling some of its businesses in the Asia Pacific region.

    At the same time, the U.S.-headquartered bank has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.

    It aims to double its wealth management market share in Singapore from the current 5 percent, and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.

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  • Citi Hires Ex-EY Partner for Asia Digital Payments

    Citi Hires Ex-EY Partner for Asia Digital Payments

    Citi has hired a former partner from Ernst & Young to lead the upcoming launch of a new digital payment solution in the region.

    James Lloyd joins the treasury and trade solutions (TTS) unit as its Asia Pacific head of Spring by Citi – upcoming digital payments offering – according to an internal memo.

    In his Hong Kong-based role, Lloyd reports to Sanjeev Jain, APAC head of payments and receivables, TTS, and Anupam Sinha, global head of domestic payments and Receivables, TTS.

    Lloyd joins from EY where he was a partner within the strategy and transactions practice, leading the firm’s dedicated regional fintech capabilities and serving as APAC leader for its global payments practice.

    Spring by Citi

    The Spring by Citi offering aims to help corporate and institutional clients reach end-customers by enabling digital payments across preferred methods, be it credit cards, instant payments or digital wallets.

    The offering is scheduled for launch in the fourth quarter this year starting with Singapore, Australia and Hong Kong before adding more markets in 2022.

    A spokesperson for the bank confirmed the new appointment.

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  • Citi Appoints Credit Card Head in Singapore

    Citi Appoints Credit Card Head in Singapore

    Citi names a new Singapore head of credit cards and personal loans for its global consumer banking business.

    Citi appointed Serene Gay to the new role, according to a statement, to oversee customer growth, portfolio management, product management, and customer retention for credit cards and ready credit.

    Gay succeeds Vikas Kumar who will join Citi’s U.S. consumer unsecured leading team as head of personal installment after leading the Singapore credit card and personal loans unit for over four years.

    Gay has 16 years of experience at Citi across Singapore, Thailand and China, and was most recently the head of client growth, cards, and loans for APAC and EMEA.

    Singapore is one of four key markets – alongside Hong Kong, UAE, and London – for Citi after it made a major strategic overhaul to exit 13 other consumer banking markets, citing a lack of scale to be competitive.

    Our consumer business in Singapore is strategically important and a critical source of innovation and growth, said head of APAC and EMEA consumer bank Kartik Mani.

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  • Citi Names Head of Private Bank for South Asia

    Citi Names Head of Private Bank for South Asia

    The Singapore-based Citi veteran will oversee the bank’s global market managers in South Asia and will have direct responsibility for the Singapore and Malaysia markets.

    Citi has named Lee Lung Nien as head of its private banking business in South Asia, in addition to his existing role as chairman of Citi Private Bank for South Asia, according to an announcement on Monday.

    Lee joined Citi 30 years ago and was CEO of Citi Malaysia from 2014 to 2020. He previously held various other senior roles including co-head of corporate sales and structuring for markets and securities services, chief operating officer for Singapore, and AML (anti-money laundering) business head of Asia Pacific. In his new role, he will report to Steven Lo, Asia Pacific head of Citi Private Bank and Amol Gupte, Asean head and Citi country officer for Singapore.

    According to the bank, the South Asia region, which includes Singapore and Malaysia, is a «key growth area» for its private banking business and is critical to the success of the Citi Global Wealth initiative.

    The South Asia region possesses outstanding potential due to a fresh wave of entrepreneurship, developing capital markets and an increasingly welcoming environment for family offices, Gupte said.

    The South Asia head role was previously held by Jyrki Rauhio, who left in 2020 after 20 years at the bank and later joined HSBC Private Banking as its regional head of credit advisory.