* Slaughter replaces Faruqui who departed for ANZ last month
* CIB role key to Citi strategy of aligning commercial and
(Updates sourcing, adds background on Citi positioning and
strategy in Asia)
HONG KONG, June 19 Citigroup Inc has named
Mark Slaughter as Asia-Pacific head of corporate and investment
banking (CIB), the U.S. bank said in a statement on Thursday.
Slaughter was previously Citigroup's chief operating officer
of CIB globally, and succeeds Farhan Faruqui who left last month
to join Australia and New Zealand Banking Group Ltd.
Citi executives have said that catering to companies doing
business in Asia is a key part of their aim to thrive on
economic growth outside of the United States.
"Mark is one of our most senior leaders and his appointment
to this position will allow us to continue our momentum in the
region," said Raymond McGuire, Citigroup's global head of CIB,
said in the statement.
Slaughter joined the bank in 2005 after nearly 20 years at
Goldman Sachs in Europe, and has relocated from New York
to Hong Kong to take up his new role.
Citigroup, the third-largest U.S. bank by assets, created
the head of CIB role in Asia-Pacific five years ago as part of a
global drive to get its commercial and its investment banking
arms to work more closely together.
Of the bank's $15 billion in revenues in Asia in 2013, 49
percent came from the institutional clients business of which
the CIB is the largest unit.
So far this year, Citigroup stands in fourth place for
advising on announced mergers and acquisitions in Asia Pacific
excluding Japan, ahead of Goldman Sachs, according to Thomson
Reuters data. The bank is ranked ninth for underwriting equity
deals in the region, the data show.
Citigroup is also ranked second for underwriting G3-currency
bonds in Asia-Pacific so far this year, just behind HSBC.
(Reporting by Denny Thomas and Lawrence White; Editing by