Awards for Excellence 2016
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The best bank for markets category is a natural battleground for HSBC and Citi in Asia, and both had plenty to recommend them: HSBC’s China dominance, and Citi’s pan-regional excellence. Either would have been worthy winners, but Citi impressed with a business of increasing efficiency, profitability and direction.
Despite China’s clear importance, we see diversity as an asset, and in 2015 Citi’s business was balanced: 29% of revenues came from Greater China, 17% from India, 21% from Asean and 12% from Australia and New Zealand. “We are not,” a senior figure argues, “a dog with one leg.”
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Patrick Dewilde, Citi |
The product suite, too, is balanced, with just under half of revenues coming from foreign exchange and local markets, and equities share of total revenue growing steadily to 15%. In fact, equities revenue grew 50% in 2015 alone, helped by renewed opportunities in China through the Stock Connect pipeline. Net income in the whole markets division rose 18% last year and is up 45% in four years.