Citibank Strengthens Asia-Pacific Investment Banking Leadership; Reports 15% Revenue Growth

Citibank has strategically augmented its investment banking leadership in the Asia-Pacific region by appointing Kaustubh Kulkarni as co-head of investment banking for Japan, North Asia, Australia, and South Asia. Kulkarni, who transitions from J.P. Morgan where he spent nearly three decades, is set to join Citi in December, pending necessary regulatory approvals. His extensive experience at J.P. Morgan, which encompassed leadership roles such as India head and co-head of Southeast Asia investment banking, underscores Citi's commitment to bolstering its regional expertise.

Kulkarni will be based in Singapore and will work alongside Jan Metzger, the current head of Asia-Pacific banking, capital markets, and advisory at Citi. This leadership duo is expected to leverage their complementary skills to drive Citi’s footprint further in the region, enhancing service to a diverse range of clients.

Citi's investment banking division has reported consistent growth, recently evidenced by a 15% increase in investment banking revenues in the latest quarter. This growth, reaching $981 million, was largely driven by a 52% surge in advisory fees and a 25% rise in equity capital market fees, indicating robust performance in convertible securities and initial public offerings.

Accompanying Kulkarni's appointment, Citi announced other strategic hires to strengthen its regional capabilities. Vikram Chavali has been named managing director and head of global asset managers for Japan, Asia, and Australia. Chavali, coming from Goldman Sachs, is set to contribute his expertise in sponsor M&A and will operate out of Hong Kong. Additionally, Deepak Dangayach has been appointed as managing director and co-head of debt capital markets for Asia and Australia, poised to join later in the year.

Citi’s strategic appointments align with its broader ambition to capture growth opportunities in high-growth sectors such as technology and renewable energy in the Asia-Pacific, reflecting a broader talent-driven strategy in a competitive investment banking landscape. The bank's leadership expansions reaffirm its commitment to providing comprehensive advisory and capital market services tailored to the intricate regulatory environments and dynamic market conditions in the region.