Faruqui will oversee the combined client coverage across CitiÆs corporate and commercial banking franchise. He will work in partnership with the investment bank to ensure the bank is focusing ôits local and global capabilities in a comprehensive and co-ordinated way to benefit clients,ö according to an internal email.
He is reporting to Robert Morse, Asia-Pacific CEO for the institutional client group, and Michael Corbat, global head of commercial and corporate banking. Faruqui replaces Sanjiv Misra, formerly head of corporate banking Asia, and Andrew Au, who ran Citi's commercial banking group. Au has been appointed as chairman and CEO to replace Richard Stanley as Citi China CEO and chairman.
FaruquiÆs new position is the largest client coverage job in the region. He brings to the table a well-developed knowledge of Asian debt markets, reflecting the importance of this type of product to Citi's Asian clients. Last year, Citi played a role in some of the largest leveraged finance deals across markets. Tata Steel called on the bank to restructure the financing for its acquisition of Corus and replace the originally agreed structure with a more cost-effective and flexible package. Citi also participated in the bridge loan facility for Ananda KrishnanÆs holding company Binariang when it delisted Maxis.
Joining Citi in 1991, Faruqui has held a number of senior management roles in Europe and Asia. Based in Hong Kong since 2005, when he assumed the regional role of head of global loans and leverage finance, he also oversaw CitiÆs infrastructure and energy finance for the region.
Prior to moving to Asia, Faruqui was regional corporate banking head for Central Europe and CCO for the Czech Republic. He has also held a number of senior management roles in Africa, including head of regional corporate finance for Africa.
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