| CITI |
| SCORE: 78 |
|
| RANK: 4th |
| WEIGHTED SCORE: 104 (5th) |
|
| Management |
6 points |
|
| New head of global banking Asia-Pacific, Farhan Faruqui, is talented but the task of successfully integrating Citi’s corporate and investment banking platforms is one that has defeated many before him. Also concerns that the two new regional CEOs, Stephen Bird and Shirish Apte, do not have as much recent investment banking experience as many of their peers |
|
| DCM |
8 points |
|
| Noted player in the key G3 currency markets. Picks up its share of sovereign and FIG mandates, improving its presence in high yield – but competition is getting tougher |
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| ECM |
7 points |
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| A traditional strength, but has missed out on some key non-IPO deals in China and Australia over the past 12 months or so |
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| M&A - WEAK LINK |
5 points |
|
| Must try harder. Citi ought to be one of the leading M&A advisers but isn’t. It has realised the need to sign some new players to hit the target more often by luring Colin Banfield from Nomura |
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| Australia |
6 points |
|
| Solid performer. Been on most of the key bank debt issues, misses out on some prestige ECM and M&A business but still in there with a shout |
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| India - STAR PLAYER |
9 points |
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| Probably the stand-out player on the park in India. Only bank ranked top three across debt, equity and M&A. Key relationships with the biggest Indian corporates |
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| North Asia |
7 points |
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| Has a very good franchise in Korea, solid banking platform in Taiwan and is a top player in the Hong Kong equity markets |
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| Southeast Asia |
5 points |
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| Room for improvement. Picked up some good mandates recently, such as Petronas bond and DBS rights issue, but missed some key deals as well |
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| Japan |
7 points |
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| On paper second only to Goldman Sachs among foreign franchises in Japan. But with Nikko Cordial Securities no longer part of the team, faces uncertain future |
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| China |
5 points |
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| A rebuilding process here. Getting some M&A and equity traction offshore, but lack of A share business or securities JV hurts |
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| Markets |
7 points |
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| Solid, dependable performer. Rates and foreign exchange businesses are strengths, equity could perhaps see some improvement |
|
| Owner |
6 points |
|
| A real game of two halves here. Citi globally has suffered more than most institutions and Asia has not been immune. But there’s a new focused approach at Citi, the group is still large and powerful, and Asia has been a traditional strength |
|
| If Citi was a premier league club it would be: |
ARSENAL |
|
| Suffered a few bad breaks recently, and has looked in danger of dropping out of the Champions League places. But some signs that it could get back to the glory days are beginning to emerge. |
