Citigroup Inc yesterday announced that Citibank Taiwan Ltd (台灣花旗) president Christie Chang (張聖心) would take on an additional role as Citi’s Asia-Pacific (APAC) corporate banking chairwoman.
In the expanded role, Chang would further leverage her outstanding leadership, rich business experience and the longstanding relationships built with heavyweight clients to help expand Citi’s regional corporate banking business, the group said.
“We look forward to the new leadership building on the strong relationships we have across the region with corporates, financials and public-sector clients, and the 95 percent of the Fortune 500 who bank across the region,” Citi Asia-Pacific head of banking, capital markets and advisory (BCMA) Jan Metzger said in a statement.
Photo courtesy of Citibank Taiwan Ltd
“This is an important appointment and a significant achievement of Christie, reflecting her strong accomplishments on serving clients as a passionate and committed Citibanker, and the professionalism and long-time trust built up with senior clients across industries,” Citibank Taiwan chairman Paulus Mok (莫兆鴻) said in the statement.
Chang serves as president of Citibank Taiwan and head of Taiwan BCMA, and is responsible for managing and providing corporate and investment banking services to Citi’s institutional clients.
Under her leadership, Citibank Taiwan performed remarkably in corporate banking last year, including supporting top-notch clients to expand their global footprint and executing several landmark mergers and acquisitions, as well as fundraising plans.
Citi’s corporate banking division is a leading provider of financial services to top-tier multinational clients around the world.
The company has advised on more than US$100 billion of mergers and acquisitions in the Asia-Pacific region and helped raise more than US$150 billion from capital markets for Asian clients in the past 12 months.
Chang’s expanded role will give Citi a deeper understanding of industry trends and market knowledge, Citi said.
It would also enable the company to provide a steady stream of innovative cross-border and local financial solutions tailored to the specific needs of clients, it said.
Chang joined Citibank in 1989 as a management associate and has served for more than 30 years, it said.
Citibank Taiwan’s achievements in corporate banking are widely recognized.
Last year, the lender won the “Best International Investment Bank” award from FinanceAsia and Asiamoney. It also received key honors of “Best Corporate and Institutional Bank,” “Best M&A Adviser” and “Best Corporate Bond” at The Asset Triple A Awards.
Citibank Taiwan reported NT$14.672 billion (US$490.70 million) in earnings before interest and taxes for last year, jumping 13 percent from a year earlier and the best annual result since 2013.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
PRESSURE EXPECTED: The appreciation of the NT dollar reflected expectations that Washington would press Taiwan to boost its currency against the US dollar, dealers said Taiwan’s export-oriented semiconductor and auto part manufacturers are expecting their margins to be affected by large foreign exchange losses as the New Taiwan dollar continued to appreciate sharply against the US dollar yesterday. Among major semiconductor manufacturers, ASE Technology Holding Co (日月光), the world’s largest integrated circuit (IC) packaging and testing services provider, said that whenever the NT dollar rises NT$1 against the greenback, its gross margin is cut by about 1.5 percent. The NT dollar traded as strong as NT$29.59 per US dollar before trimming gains to close NT$0.919, or 2.96 percent, higher at NT$30.145 yesterday in Taipei trading
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