Citibank News Roundup - September 3, 2025

HONG KONG - Citibank has appointed J.P. Morgan veteran Kaustubh Kulkarni as co-head of its Asia-Pacific investment banking franchise. Kulkarni, who spent 28 years at J.P. Morgan most recently as senior country officer for India and vice chair for Asia Pacific, will join Citi in Singapore in December pending regulatory approvals. He will work alongside Jan Metzger and report to Viswas Raghavan, head of global banking. The move is part of Citi’s broader strategy to bolster its deal-making capabilities in the region by recruiting senior talent from rival firms.

HONG KONG - Citi was named a primary liquidity provider under the RMB bond repurchase (repo) scheme launched by the Hong Kong Monetary Authority and the People’s Bank of China, becoming the only American bank among the scheme’s 11 designated dealers as of September 3, 2025. In its press release, Citi highlighted its expertise in cross-border financial solutions and said the designation will enhance its ability to serve client demand amid the ongoing opening of China’s capital markets. Paul Smith, head of markets for Japan, Asia North, and Australia at Citi, noted robust trading activity and growing client interest in the early days of the scheme, which he said “reinforces Hong Kong’s unique role as a key connector between mainland China and international markets”.

SINGAPORE - Citi and SMRT Corporation have renewed their 20-year partnership to deliver integrated transit payment solutions and credit card benefits to commuters. First launched in 2006, the Citi SMRT Credit Card was Singapore’s pioneering 2-in-1 transit-and-credit solution. The renewed partnership will continue to offer commuters cashback rewards on transport, groceries, and online shopping. SMRT Group CEO Ngien Hoon Ping emphasized the duo’s shared vision to transform the daily commute into a seamless lifestyle experience, while Yeo Wenxian, CEO of Citibank Singapore, underscored Citi’s commitment to innovate around evolving commuter habits and digital payment trends.