Citigroup's Harish Raman: A New Force in Asian ECM

Citigroup's recent appointment of Harish Raman as the head of its equity capital markets (ECM) execution, origination, and solutions business for Asia North, Asia South, and Australia signals a strategic move to strengthen the bank's position in the region. With his extensive experience in ECM syndicate and equity-linked origination, Raman is well-positioned to drive growth and innovation in Citigroup's ECM offerings. This appointment comes at a time when Asia's ECM market is growing, with deal volumes up 15% year-to-date (Wealth Insights Q2 2024).

Raman's appointment follows Udhay Furtado's departure, indicating Citigroup's commitment to maintaining its market share in Asian ECM. His expanded role encompasses Asia North, Asia South, and Australia, allowing him to leverage his expertise to drive growth and solidify Citigroup's position in the competitive Asian ECM landscape. Raman's UBS background, particularly his experience as head of Asia equity-linked origination, brings valuable expertise in structuring and executing complex equity-linked transactions. This experience can help Citigroup enhance its ECM capabilities in Asia, particularly in areas like convertible bonds and equity-linked notes.



Raman's appointment may enhance Citigroup's ability to compete with other global investment banks, such as Goldman Sachs and Morgan Stanley, which also have a strong presence in Asia. However, the success of Raman's appointment will depend on his ability to leverage Citigroup's global network and resources to drive growth in the region. Integrating his role with Citigroup's existing ECM structure and teams may involve several challenges, including harmonizing strategies with Kenneth Chow, who remains the head of ECM origination and products for the same regions, and ensuring a smooth transition from Udhay Furtado while maintaining team morale and productivity.

In conclusion, Citigroup's appointment of Harish Raman as the head of its Asian ECM execution, origination, and solutions business is a strategic move to strengthen the bank's position in the region. With his extensive experience in ECM and equity-linked origination, Raman is well-positioned to drive growth and innovation in Citigroup's ECM offerings. However, the success of his appointment will depend on his ability to navigate the complex Asian markets and integrate his role with Citigroup's existing ECM structure and teams. As Asia continues to be a key driver of global economic growth, Citigroup's expanded ECM role under Raman's leadership could translate into significant opportunities for the bank and its clients.