By Cathy Chan
Feb. 23 (Bloomberg) -- Citigroup Inc. appointed Mark Renton, former Asia-Pacific head of investment banking, to be global co- head of the public sector group as it seeks to win more business from governments and sovereign wealth funds.
The New York-based bank also named Farhan Faruqui, 44, former head of Asia-Pacific corporate and commercial banking, as head of global banking in Asia-Pacific, it said in a statement.
The appointments come as government institutions and sovereign funds in Asia and the Middle East become a target for investment banks as they begin economic stimulus packages. Citigroup, which has accepted $45 billion in government bailout money, is seeking to bolster client coverage globally after combining its corporate and investment banking units in December.
“Our focus on public sector coverage has never been so important as governments around the world seek advice and support for their actions to strengthen the global economy,” Alberto Verme, co-head of global banking, said in the statement.
Renton, 48, who’s worked for Citigroup for more than 20 years, will report to Verme and Raymond McGuire, co-heads of global banking. He will continue to be based in Hong Kong.
Faruqui, an 18-year Citigroup veteran, has held senior country management roles in Europe, Africa and Asia-Pacific and moved to Hong Kong in 2005. He will report to Ajay Banga, Citigroup’s Asia-Pacific chief executive officer, and also to Verme and McGuire, the statement said.
Sovereign wealth funds in Asia and the Middle East have pumped money into global financial institutions to help replenish capital eroded by writedowns and losses. Barclays Plc raised 5.3 billion pounds ($7.8 billion) in October by selling securities to a group of Middle-Eastern investors including Qatar Holding LLC.
Government of Singapore Investment Corp., the sovereign fund that oversees more than $100 billion of reserves, said last year it’s turning to emerging markets and private equity to boost returns after cutting back on investments in developed nations.
To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net
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