Citi set for record year across ASEAN Investment Banking

ASEAN investment banking activity is on track for record-breaking numbers in 2026, with Citi set to lead the charge. Mergers and acquisitions volumes in the region have surged over 30 percent year-on-year, reaching $140 billion to date, with equity and debt capital markets issuance up a similar margin. Citi's ASEAN Investment Banking division has been particularly active, with revenues up 35 percent on-year and the bank involved in deals worth close to $20 billion in ASEAN M&A.

Citi has also played a crucial role in helping ASEAN clients raise nearly $25 billion from global capital markets in 2026. The bank expects a busy final quarter of the year, with key financings anticipated in both debt and equity markets. Citi's regional team is confident that mergers and acquisitions activity will continue, spanning sectors such as tech, consumer, and healthcare.

Matthew Nimtz, Citi's head of Investment Banking for ASEAN, highlighted the bank's commitment to the region, stating that ASEAN is home to a growing class of world-class corporates and emerging champions who are increasingly utilizing capital markets to fund their growth ambitions. Citi has advised on numerous significant transactions in the region, including Indonesia's Indosat and Singapore's Singtel's acquisition of ST Telemedia Global Data Centres.

The bank's deal credentials for 2026 include advising on Indonesia's Zankore establishment, as well as supporting equity and debt financing for various ASEAN clients. Citi has also led several international bond offerings, such as for the Republic of the Philippines, Perusahaan Listrik Negara in Indonesia, Advance Info Service in Thailand, and Maybank in Malaysia.

In Vietnam, Citi has played a pivotal role in a large insurance M&A transaction, further solidifying its position in the mergers and acquisitions industry. The bank has also signed a Memorandum of Understanding with HDBank to expand their banking cooperation. Citi has appointed Michael Zezas as its new global head of research, reinforcing its commitment to delivering timely insights to clients.

However, Citi has warned of intensifying competition for capital as governments and corporations vie for funding amid higher interest rates, resilient economic growth, and increased investment in artificial intelligence.