Citi Commences Equities Brokerage Operations in Indonesia
Citigroup announced August 4th the appointment of Hasan Ukim as head of equities sales as it commenced its equity brokerage operations in Indonesia. The underwriting license, through PT Citigroup Securities Indonesia, covers a broker-dealer license which will offer local and international clients direct access to the Indonesia stock market.
Hasan joined in January as head of dealing and was promoted to his current role in July. He was previously with JP Morgan Indonesia. Citi also announced that Santy Tandiana has joined as an equity salesperson. She was previously with BOA-Merrill Lynch Indonesia. Citi also intends to hire two other professionals to cover sales trading and dealing.
The new equities operation has 15 staff across sales, distribution, research and support functions with plans to increase headcount by a third by the end of the year.
At an event held in conjunction with Citi’s fourth Indonesia Investor Conference in Jakarta this week, the launch was officiated by Citi Indonesia’s Country Business Manager Institutional Clients Group Tigor M Siahaan, Citi Asia Pacific Head of Markets business Rodrigo Zorrilla and Citi Asia Pacific Head of Equities Adrian Faure together with Fuad Rahmany Chairman of Capital Market and Financial Institutions, BAPEPAM-LK and Ito Warsito, President Director of the Indonesia Stock Exchange. Minister and head of BKPM, Gita Wiryawan delivered the keynote address to an audience of more than 100 titled ‘Investment Climate in Indonesia.’
Rodrigo Zorrilla said that establishing this seat in Indonesia is a natural extension of its footprint and underlines the bank’s focus on building out further in the ASEAN markets. “We continue to invest in our Asia Pacific equities franchise to help our regional and global clients who are increasingly looking to invest in Asian equities given the region’s growth prospects,” said Rodrigo Zorrilla.
Asia Pacific is one of the most important growth regions globally for Citi. In the last three years, Citi Asia Pacific has generated close to US$45 billion of revenues and US$15 billion in net income in Asia Pacific across its franchise.