Citi wins Best bank at regional awards
BofAML wins Best ESG bank; Credit Suisse wins Best corporate and institutional bank
CITI won the Best bank award at The Asset Triple A Regional Awards. Citi defended its title of Best bank, beating off stiff competition from nominees DBS and HSBC at an awards ceremony held on February 1 at the Four Seasons Hotel in Hong Kong.
Citi continued its drive to be one of the top consumer banks in the region by focusing on its digital capabilities. Last year the bank established additional digital partnerships with the likes of AXA and Honestbee, on top of older partnerships with Line and Lazada. Moreover, the bank improved on its digital onboarding procedures witnessing growth in its online cards business. In Singapore, the bank launched a Facebook chatbot to answer banking enquiries.
Citi also participated in important deals backed by its strong all-round franchise. In Korea, for example, the bank had a strong equity markets performance, participating in a number of interesting block trades. The bank helped develop the equity markets of the Philippines and Vietnam, participating in significant deals in those markets as well.
Bank of America Merrill Lynch (BofAML) won the Best ESG bank award for the second year running. BofAML continued to make strides in ESG, working closely with Chinese companies looking to expand their renewable assets. In 2017, the bank helped China State Grid Corporation acquire Brazil’s largest renewable energy company, CPFL Energia. Moreover, the bank worked with the likes of Korea Development Bank and Industrial and Commercial Bank of China in their respective green bond issuances last year.
The bank also supports more than 60 charities in Asia-Pacific through philanthropic grants and volunteering. It has been very active in supporting women’s rights and LGBT equality in Asia. The bank triumphed over nominees Credit Agricole and Societe Generale for the same award.
Credit Suisse won the award for Best corporate and institutional bank. During the review period Credit Suisse participated in its fair share of key Asian deals. As well as participating in the ground-breaking Vincom Retail IPO, the Swiss-based bank was one of the most active participants in the Hong Kong tech IPO revival. The bank was joint global coordinator for China Literature’s US$1.1 billion deal which was the first spin-off listing of Chinese multinational Tencent.
In financing, the bank provided a joint underwritten financing commitment of HK$7.137 billion (US$915 million) to support I Squared Capital’s bid to acquire Hutchison Global Communications. This was the first major acquisition by I Squared Capital in Asia and the two-tranche financing structure allowed for the acquisition and refinancing to be completed concurrently. Credit Suisse was also involved in funding Star Energy’s acquisition of two geothermal fields in Indonesia from Chevron, arranging the US$660 million facility for Star Energy Geothermal to finance its pro-rata equity contribution. Credit Suisse won the award amid tough competition from nominees Citi, Deutsche Bank, Morgan Stanley and UBS.
For more details of the event and results please click here.
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9 Feb 2018