Citigroup Inc. (C) will hire Kenichi Onuma as head of Japan equity capital markets from Barclays Plc (BARC) to bolster investment banking in the country as companies increasingly tap stock investors for funding.
Onuma will start on Nov. 25, Mika Nemoto, a Tokyo-based spokeswoman for the third-biggest U.S. bank, said by phone today. Onuma joined Barclays in July 2011 and previously worked at JPMorgan Chase & Co. Kyota Narimatsu, a Tokyo-based spokesman for Barclays, declined to comment.
Companies from Suntory Beverage & Food Ltd. (2587) to Dentsu Inc. have tapped equity markets this year as Prime Minister Shinzo Abe’s economic stimulus fuels a stock rally. Japan’s benchmark Topix Index (TPX) has climbed 41 percent in 2013, the best performance among major developed markets.
Equity offerings by Japanese companies have raised 3.8 trillion yen ($39 billion) this year, already exceeding 2.1 trillion yen for all of 2012, according to data compiled by Bloomberg. Citigroup is ranked 11th among arrangers of Japanese share sales, the same as last year, the data show.
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