(30 November 2015 – Australia) Global investment bank Citi is expanding across Australia and New Zealand, according to reports.
Sources have told reporters that the firm could be in talks with the Commonwealth Bank of Australia (CBA) about a merger with its institutional equities division.
The Australian bank has been rumoured to be looking to divest the operation, and has approached a range of investment including Bank of America Merrill Lynch, Credit Suisse, Barclays and JPMorgan.
However, the talk of a potential agreement has resurfaced in recent weeks, fuelling suggestions that more news on the bank’s plans for the division could be coming soon.
Sources told reporters last week that Citi, had plans to increase its resources across Australia and New Zealand. The investment bank is also yet to appoint a replacement for it Australian chief executive, a role previously held by Stephen Roberts.
This could see the financial firm establishing an investment banking arm across the Tasman and expanding its research coverage and equity capital markets capabilities across Australasia at a time its rivals are cutting back on resources.