Citi is on track for a record year in its ASEAN investment banking sector, reporting a 35% year-on-year increase in revenue for 2026. This surge is attributed to a significant rise in artificial intelligence-related financing and mergers and acquisitions (M&A) across the region. The bank has been actively involved in key regional transactions, including equity capital markets and international bond issuance.
Matthew Nimtz, Citi’s Head of Investment Banking for ASEAN, highlighted the region’s importance, stating, “ASEAN is one of Citi’s key regions globally. It is home to a growing number of world-class corporates and emerging champions who are increasingly using capital markets at competitive levels to fund growth ambitions.”
Dealogic figures reveal that the overall M&A deal value in ASEAN has reached approximately US$140b this year, marking a 30% increase from the previous year. Equity and debt capital market issuances have also surpassed US$180b in combined value. Citi has participated in nearly US$20b worth of M&A transactions and raised close to US$25b for regional clients.
Key transactions include advising Indonesia’s Indosat on establishing the data centre platform Zankore, and supporting KKR and Singtel in acquiring ST Telemedia Global Data Centres for US$10.9b. Citi has also led equity transactions for Singaporean entities like UI Boustead REIT and CapitaLand Integrated Commercial Trust.
Looking forward, Citi anticipates a busy final quarter of 2026, with continued activity in debt and equity capital markets, and ongoing M&A across technology, consumer, and healthcare sectors.
