Borch previously served as CitiÆs European transportation investment banking head in London.
He fills a vacancy in CitiÆs investment banking team left open by the October departure of Shaheryar Chishty. Based in Hong Kong, Borch will focus on transportation, infrastructure, automotive and conglomerates.
ôGiven Michael's background, experience and track record of working with clients, he is ideally placed to lead the team forward,ö says a Citi representative. ôKey goals will be helping our clients navigate these markets by providing innovative solutions to meet their needs.ö
ChishtyÆs sudden departure to Nomura last October after two years as head of the industrials group left a hole in CitiÆs Asian investment banking team. Upon his departure, Chishty said the move gave him the opportunity to be ôsingularly focused on client needs and be much more hands-on with transactionsö.
Under Chishty, CitiÆs Asian industrials team worked on a number of key deals across products, including Noble GroupÆs $500 million high-yield bond in May 2008, China Railway ConstructionÆs $2.55 billion H-share initial public offering in March last year, and DoosanÆs $4.9 billion purchase of Ingersoll RandÆs bobcat business in July 2007.
CitiÆs commitment to its Asian investment banking operations comes at a challenging time for the industry. Last yearÆs collapse of Bear Stearns and Lehman Brothers ended the era of the independent investment bank. Today, discussions are not about whether or not there will be additional regulations and oversight of the sector but how far-reaching they will be. At the same time, the debunking of the decoupling theory has proved Asia is not immune to the rest of the worldÆs woes and a commitment to Asian investment banking is not a guarantee for success.
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