Citi Names Asia Financial Institutions Co-Heads

HONG KONG (Reuters) – Citigroup (C.N) appointed Jing Zhao and Simon Yoo as co-heads of its Asia Pacific Financial Institutions Group (FIG), putting in place leaders of a team with 90 bankers spread across the region.

Both will be based in Hong Kong and report to Farhan Faruqui, Citi’s head of Asia Pacific Global Banking, a Citigroup spokesman said on Tuesday.

With 90 financial institution group bankers, Citi has among the largest FIG teams in Asia. The group covers investment banking, corporate banking and commercial banking clients. Major deals that Citi’s FIG team has been involved with so far this year include a corporate bond for South Korea’s POSCO (005490.KS), a $2.60 billion rights issue for Singapore bank DBS (DBSM.SI), and ING’s sale of Dutch financial group’s business in Taiwan.

Zhao is currently chairman of Citi’s China investment banking, a role she will maintain. Simon, head of Financial Entrepreneurs Group in Japan, will relocate to Hong Kong to take up the new position before the year-end.

Zhao joined Citi in 2006 from Morgan Stanley to lead the China Investment Banking team, getting involved in deals such as the merger of China Netcom and Unicom and the IPOs of China Coal and Citic Bank.

Yoo joined Citi’s FIG team in New York in 1997 and was co-head of FIG Japan from 2005 to 2007, before leading Japan’s financial entrepreneurs sector team, the group within Citi that is in charge of private equity advisory and banking. (Reporting by Michael Flaherty; Editing by Anshuman Daga)