The US bank has appointed Silmat Chisti as head of Citigroup Global Markets Bangladesh, a locally incorporated entity. Chisti previously worked with CitiÆs equity capital markets group in Hong Kong. She started his career in CitiÆs investment banking division in New York in 1998.
ôThe Bangladesh economy grew 6.7% in 2006 and forecasted growth is 6% for 2007," says Chisti, explaining why Citi sees business opportunities in the emerging market. "Investor interest in Bangladesh is growing and we expect to see an increase in M&A and capital markets financing opportunities in the country as companies look to expand. This licence will allow us to play a leading role to support their future needs.ö
The Dhaka Stock Exchange, the country's stockmarket, surged over 50% in the past year to close at 2509 points on September 18.
ôCiti is honoured to be given this opportunity to assist in the development of Bangladesh's capital markets," says Mamun Rashid, CitiÆs country officer in Bangladesh. "Bangladesh is increasingly on the radar of the international investment community and we look forward to playing a leading role in helping Bangladesh's companies achieve their goals. Citi is committed to providing our world-class M&A advisory, debt and equity services to support Bangladesh and the future growth of its companies."
The competition for merchant banking business in Bangladesh is primarily from global players who have tied up with local banks. Citi has a large client base in Bangladesh, via its corporate banking and cash management relationships, which should stand the firm in good stead in winning business.
Citi's headcount in Bangladesh across business lines is currently over 100 employees and it expects it will add to this number as the business grows.
Citi established its first representative office in Bangladesh in 1987 and its first full-service branch in Dhaka in 1995. Its operations encompass corporate bank, financial institutions, treasury and e-business under the global corporate and investment banking umbrella.
It is currently running three branches in the country providing a range of financial services, including treasury management, transaction services, foreign exchange and structured finance to corporate clients, governments, as well as financial institutions.
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