Citigroup Inc has hired veteran investment banker Akira Kiyota from Nomura Holdings Inc and promoted insider Taiji Nagasaka as co-heads of investment banking for Japan, it said on Tuesday.
The appointments, effective October 1, underscore a push by Wall Street banks to expand their presence in Japan after a rebound in M&A activity and as companies pursue strategic deals in a more favourable interest rate environment.
Japan became the largest market for private equity deals in Asia-Pacific last year accounting for 30 per cent of the region’s total deal value, largely driven by take-private deals, according to a report by consultancy Bain & Co. That compares to a much smaller figure of 5 per cent to 10 per cent historically.
Kiyota has worked at Nomura, Japan’s biggest investment bank and brokerage, for over two decades and was most recently senior managing director and global head of mergers and acquisitions.
Nagasaka currently serves as Citigroup’s Japan head of investment banking products and equity capital markets.
In a related move, Masuo Fukuda will assume the expanded role of vice chair for Japan and Asia North investment banking while retaining his existing position as vice chair of Citi Japan.
The hires come as many firms add senior bankers to their Tokyo operations to capture opportunities in the world’s fourth-largest economy.
