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UPDATE 1-Citi's Southeast Asia M&A head leaves - source
December 2, 2011 / 5:06 AM / 6 years ago

UPDATE 1-Citi's Southeast Asia M&A head leaves - source

2 Min Read

By Saeed Azhar

SINGAPORE, Dec 2 (Reuters) - Citigroup Inc's head of mergers and acquisitions advisory in Southeast Asia has left the bank, a person familiar with the matter said on Friday.

MIT-educated Giles Ong was hired in 2004 from Merrill Lynch and was promoted to managing director in 2007.

The source declined to be named because he was not authorised to speak on the matter.

Hong Kong-based spokesman James Griffiths declined to comment on the specific departure.

"We continue to hire in critical positions to support our clients and in 2011 we have added over 40 directors or above in Global Banking in Asia-Pacific," he said.

Citi is just behind Goldman Sachs Group Inc in the Southeast Asia 2011 M&A league table, a turnaround from 2010 when it was ranked 14th, according to Thomson Reuters data.

Among its deals, Citi advised Digital Telecommunications Philippines Inc, which was taken over by Philippine Long Distance Telephone Co's (PLDT) in a $1.6-billion deal.

Citi ranked number two on the league table for Southeast Asia equity capital markets, advising on $1.4 billion worth of transactions from Jan. 1 to Nov. 23, based on Thomson Reuters data.

It is among the bookrunners for Noble Group Ltd's planned listing of its agriculture business next year and is also advising India's Fortis Group on the listing of a business trust in Singapore, sources have told Reuters.

Bloomberg first reported on Ong's departure.

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