Citi Asean investment banking revenue up 35% as regional dealmaking picks up
The bank expects a record year for client activity in its investment banking business in South-east Asia
Citi's investment banking revenue in Southeast Asia increased by 35% in the first half of the year, according to the bank. The growth was driven by a surge in mergers and acquisitions (M&A) and an upswing in financing related to artificial intelligence in the region. Matthew Nimtz, Citi's head of investment banking for Southeast Asia, highlighted that Southeast Asia is a crucial region for the bank, home to a growing number of leading corporations and emerging champions. These entities are increasingly utilizing capital markets to fund their growth objectives.
The bank reported robust third-quarter earnings, fueled by strong global investment banking activity, including in Southeast Asia. Citi cited Dealogic data, indicating that the total M&A deal value in the region is up over 30% year-on-year, amounting to US$140 billion. Similarly, issuances in both equity and debt capital markets surged by comparable margins, surpassing US$180 billion in value.
So far in 2026, Citi has been involved in Asean M&A transactions valued at nearly US$20 billion and has facilitated capital market deals that raised nearly US$25 billion for regional clients.
These deals include advising Indonesia's telecommunications provider, Indosat, on establishing a data center platform, Zankore, along with supporting equity and debt financing. Citi also assisted KKR and Singtel in their US$10.9 billion acquisition of ST Telemedia Global Data Centres. The bank has led nearly 30 transactions for Asean issuers so far. In Singapore, Citi orchestrated public equity transactions for UI Boustead Reit, CapitaLand Integrated Commercial Trust, and CapitaLand India Trust, among others.
In Singapore, Citi led public equity transactions for UI Boustead Reit, CapitaLand Integrated Commercial Trust, and CapitaLand India Trust. Elsewhere in the region, the bank has been involved in international bond offerings in the Philippines, Indonesia, Thailand, and Malaysia. Nimtz further noted that the bank anticipates a highly active final quarter of 2026, with significant debt and equity capital market transactions on the horizon.
The expected uptick in inbound and outbound M&A activity will be driven by sectors such as technology, consumer goods, and healthcare.
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