US based multinational banking giant Citi Group recently revealed in an announcement that it has appointed new heads for leading its Asia equity capital markets. As per updates which first made headlines via Reuters, it has promoted two of its executives who are already a part of the firm’s senior level leadership team to serve as joint heads of the division. The executives appointed to the position are Mr. Ken Chow – former head of greater China equity capital markets and Mr. Udhay Furtado – former managing director at the firm’s equity capital markets division. The firm’s move to appoint new joint heads for Asian equity capital market division is aimed at bringing the firm’s local structure in line with its global operations and is a part of its BCMA (banking, capital markets and advisory) model it introduced in September of 2018.
As part of this model, the bank has restructured its banking and capital markets business division under single business unit and has since appointed leaders for this division in each of its market region. One such change made most recently was appointment o Mr. Andrew Truscott as co-head of its UK investment banking operations announced in August of this year, a role he will hold alongside Mr. Jan Skarbek as per details made public via an internal memo. In their new role as joint heads of Asia Equity Capital Markets division, both Mr. Chow & Mr. Furtado will be based out of the group’s Hong Kong office. As per information in his LinkedIn profile, Mr. Chow has been a part of the US banking lender since September of 2015 prior to which he served as part of another US based multinational banking service provider Bank of America Merrill Lynch for period of 8 years and 5 months.
Meanwhile, Mr. Furtado who is taking on his new role alongside Mr. Chow is doing his second rodeo with US lender having served with the group for nearly 4½ years from January of 2000 to April of 2004. In between his two tenures with US lender, he served in senior level leadership & management roles at Deutsche Bank & Goldman Sachs were he held the roles of Director and Managing Director respectively. Mr. Furtado who has spent more than two decades in investment and banking verticals of financial service industry, spent major part of his career with US investment banking giant Goldman Sachs having remained at the firm for 12 years and 3 months based out of the firm’s Singapore office. Commenting on the changes made to Asian equity capital markets, Citi Group’s Head of Asia Pacific BCMA unit Mr. Jan Metzger said, “We have excellent momentum across our banking franchise in Asia with involvement on several key transactions”.