Citibank (C.US) plans to expand its investment banking team in China and Japan, and is planning to hire senior talent to strengthen its cross-border M&A business.

Kaustubh Kulkarni, Head of Investment Banking at Citigroup in Asia, said in a media interview on Monday (April 27) that after completing years of global restructuring, Citigroup will further strengthen its investment banking teams in Japan and China by hiring senior investment bankers in specific industries to pursue more cross-border mergers and acquisitions (M&A) deals. Kulkarni stated that Asian transaction activities have shown resilience driven by industry fundamentals and corporate strategic needs. While emerging markets such as Indonesia and the Philippines, sensitive to energy shocks, have seen a slowdown in IPO and capital market activities, transactions in Japan and Korea have been less affected by energy. It is reported that Citigroup plans to hire senior talent in areas such as TMT (technology, media, and telecom) in Japan to fill coverage gaps and provide high-level specialized services valued by Japanese clients. Regarding the Chinese market, Citigroup is currently awaiting regulatory approval to establish a securities subsidiary locally, which will house its investment banking team in the country. Kulkarni revealed that the business in China is in recruitment mode, focusing on bringing in investment bankers who can cover "emerging" and "high-growth" companies, but he did not disclose specific details on the number of new hires. Citigroup aims to enhance coordination between local and international teams to win cross-border M&A and underwriting business. Citigroup's global investment banking first-quarter fee income grew by 12% year-on-year, demonstrating strong business growth momentum.