Citi’s ASEAN investment banking revenue climbs 35 per cent
The bank expects record client activity in Southeast Asia in 2026, supported by more M&A deals and financing related to artificial intelligence.
Citi’s investment banking business in ASEAN recorded a 35 per cent revenue increase for 2026 to date compared with a year earlier, the bank said on Oct 19, citing Dealogic figures. It expects annual client activity in the region to set a record.
More mergers and acquisitions (M&A), alongside increased financing related to artificial intelligence, underpin that expectation. Citi does not report investment banking revenue separately by geography.
Regional M&A activity reached US$140 billion over the year to date, more than 30 per cent higher than a year earlier, according to Dealogic figures cited by Citi. Equity and debt issuance surpassed US$180 billion, growing by similar margins.
Citi put the value of ASEAN M&A deals it had worked on during 2026 at nearly US$20 billion. Capital markets transactions involving the bank raised nearly US$25 billion for clients from the region.
Among its advisory assignments were Indosat’s establishment of the Zankore data centre platform, which also involved equity and debt financing support, and the US$10.9 billion acquisition of ST Telemedia Global Data Centres by KKR and Singtel.
The bank also led Singapore public equity transactions involving UI Boustead Reit, CapitaLand Integrated Commercial Trust and CapitaLand India Trust. Citi anticipates a busy closing quarter of 2026, with debt and equity financing assignments in its pipeline. It identified technology, consumer and healthcare as likely drivers of cross-border M&A.
