Citigroup appoints Chow, Furtado as co-heads of Asia equity capital markets

Udhay Furtado, MD, Asia Equity Capital Markets, Citigroup

Udhay Furtado, MD, Asia Equity Capital Markets, Citigroup

Global investment banking firm Citigroup has appointed Ken Chow and Udhay Furtado to head the bank’s Asian equity capital markets, news agency Reuters reported on Friday. This move will bring the bank’s local structure in line with its global operations.

The bank introduced the Banking, Capital Markets and Advisory (BCMA) model in September last year, placing all of the firm’s banking and capital markets businesses under one ambit and has appointed leaders in those divisions in each region since then, the report added.

The two new co-heads of the Asian equity capital markets were both previously working at Citigroup. Chow was previously the co-head of Greater China equity capital markets. According to his LinkedIn profile, he has been with Citigroup for four years. Before Citi, Chow was a Managing Director at the Bank of Merrill Lynch.

Furtado rejoined the bank last year from Goldman Sachs, where he worked for over twelve years and was the co-head for its South East Asia Investment Banking. Furtado has also worked with Deutsche Bank and has previously worked at Citi as a vice president for over four years, his LinkedIn profile showed.

Both bankers are based in Hong Kong, the Reuters report added.

The bank is currently working on Alibaba Group Holding’s listing in Hong Kong, the Aramco IPO in Saudi Arabia – which could be the world’s largest listing – and recently led the Hanwha Systems initial public offering in South Korea.

“We have excellent momentum across our banking franchise in Asia with involvement on several key transactions,” Citigroup’s Asia Pacific BCMA head Jan Metzger said, according to the report.

Meanwhile, Citi is also working with search behemoth Google to offer personal checking accounts by next year through the Google Pay app. The product will be launched in 2020, with Citi handling financial and compliance requirements.

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