Son will be transferring from Hong Kong and will take up his new role effective May 1. He will report to Mark Renton and Dan McNamara, co-heads of Asia-Pacific investment banking.
Son joined Salomon Brothers as an associate in 1995 in New York and has been based in Asia since 1999. He was formerly a vice-president in the financial institutions group, and most recently a managing director in Citi's Asia-Pacific technology investment banking in Hong Kong, where he has originated and executed a number of landmark transactions.
In the past, Citi's country coverage was handled via local industry and product teams, along with a bit of suitcase banking from key bankers as and when they were needed. Adding Son to the team as the firm's first true on-the-ground Vietnam investment banking head, shows Citi's commitment to the country.
That said, CitiÆs role in Vietnam has clearly been growing as the country expands. In 2007, the bank raised approximately $400 million for clients. Transactions included local and foreign currency syndicated loans and local currency bonds for three key state-owned enterprises, including Vinacomin, Vinalines and Vietnam Electricity.
In addition, Citi is mandated as joint lead manager of the $1 billion government sovereign bond û which bankers hope will come this year. Last year the firm had a 19% share of the secondary bond market in the country.
Citi has branches in Hanoi and Ho Chi Minh City and a nationwide partnership network that covers all of VietnamÆs 64 provinces. It offers the full range of banking services in Vietnam including corporate banking, investment banking and global transaction services, which includes trade finance and cash management.
Plus, it has a series of firsts: Citi was the first US financial institution to receive a branch license in 1994 and the first US bank to open a full branch in Hanoi in 1994. In 2001 Citi was the first bank to launch internet banking in Vietnam.
Now, it has its first on-the-ground investment banking head.
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