The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree