Citigroup Asia Raised $50 Billion for Clients in First Quarter

Citigroup Inc. (C)’s Asian operations raised more than $50 billion for clients from capital markets last quarter, according to a memo obtained by Bloomberg News.

Citigroup sold bonds for clients including Bharti Airtel Ltd. (BHARTI), Noble Group Ltd. and Reliance Industries Ltd. (RIL), helping the region contribute the most to the bank’s profit outside of North America, the memo showed. James Griffiths, a spokesman in Hong Kong for Citigroup, confirmed the contents of the document.

Net income from Asia rose 1 percent in the three months ended March 31 from a year earlier to $1.1 billion, the New York-based bank reported on April 15. The region’s revenue from securities and banking rose 12 percent to $1.4 billion, the figures showed.

“It was a solid result,” Asia-Pacific Chief Executive Officer Stephen Bird said in the memo, which was distributed to employees in the region yesterday.

Citigroup closed the biggest outbound takeover from China in the quarter when it advised oil producer Cnooc Ltd. (883) on its purchase of Nexen Inc., according to the memo, which gave a valuation of $17.9 billion for the deal.

To contact the reporter on this story: Russell Ward in Tokyo at rward16@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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