Citi has hired Peter Yeung as a director in its investment banking team covering financial institutions, part of its build-up in the area.
Yeung will be based in Hong Kong and report to Willard McLane, who moved over from Morgan Stanley last year to lead Citi’s Asean Corporate and Investment Banking business as well as its Financial Institutions Group in the Asia Pacific region.
“This is a another key hire for Citi and underlines our goal to be the leading FIG bank for our clients in Asia,” said Farhan Faruqui, head of corporate and investment Banking for Citi across the Asia Pacific region.
Advising financial institutions is one of Citi’s priority areas in investment and corporate banking as clients across Asia wrestle with the implications of the Basel III regulatory framework by raising more capital and selling assets.
Citi’s push is already bearing fruit. Over the past year, the US bank has advised on AIA and Aozora’s share sales and on bond deals for Westpac and the State Bank of India.
Previously Yeung was head of the financial institutions group excluding China at Credit Suisse.
Yeung joined Credit Suisse’s Asia-Pacific financial institutions group in 2007. He concentrated on Hong Kong-based financial institutions and the pan-Asian banking sector, excluding Korea and mainland China. During his tenure he advised on deals including the AIA IPO and subsequent selldowns by AIG, and on the acquisition of Shenzhen Development Bank by Ping An Bank.