Citigroup still looking for more from Asia
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Citigroup still looking for more from Asia

It takes just one statistic to indicate what a force Citigroup is in Asia. The franchise (including Japan) is the 40th biggest financial institution in the world on a net income basis. Even excluding Japan, Citigroup does business in 16 countries in the region.

Inside Citigroup’s plans for emerging markets domination | Citigroup builds on diversity in CEEMEA | All hands to the pump in Latin America | Druskin aims to seize the initiative

Robert Morse, chief executive of Asia ex-Japan, corporate and investment banking, says that the region has been one of the fastest growing in Citigroup’s corporate and investment bank (CIB) over the past five years. And Asia ex-Japan contributed $295 million of revenues to the CIB in the fourth quarter of 2005.

The bank certainly has big resources it can call upon. Citigroup has about $100 billion of credit committed or outstanding in Asia ex-Japan. This is not surprising given the size of its staff in the region. There are 1,200 people, excluding the DCM and ECM teams, making about 100,000 client calls and visits each year.

The bank’s most high profile transaction last year involved it acting as adviser to China’s CNPC in its acquisition of PetroKazakhstan – the biggest cross-border M&A deal by a Chinese company. “We provided M&A advice, a $4.2 billion standby letter of credit and an equity product through a block trade,” says Morse.

Robert Morse

Despite the obvious attractions of China, Morse says that the bank places as much importance on the other countries in the region.

Gift this article