Citi was named “Most Innovative Bank for Foreign Exchange” and “Most Innovative Islamic Investment Bank” in the annual Investment Banking Awards competition held by The Banker magazine.
The awards, presented at a dinner in London, recognise the key role innovation plays in helping the financial services industry evolve to meet new challenges.
Among the innovations The Banker noted within Citi’s FX business were the launch of CitiFX Wire, an FX newswire for Citi clients, and the creation of the Positive Alert Indicator, or PAIN, indices, which quantify market sentiment.
“The FX market is developing so rapidly that innovation has to be at the core of our business,” said Anil Prasad, Global Head of Foreign Exchange and Local Markets at Citi. “We look at innovation in two ways: the first is to try and improve things which are already out there and the second is to innovate to plug any gaps in our services, or spot gaps in those of others.”
In Islamic finance, The Banker pointed to Citi having led the first ever exchange, tender and consent solicitation ever executed in the Sukuk market. The Banker also cited that Citi led the first Islamic deal ever done in Turkey, a US$100 million issue for Kuveyt Turk Participation Bank.
An independent panel of industry experts select the winners of The Banker’s Investment Banking Awards. This year’s panel consisted of institutional investors, CEOs, CFOs, investment bankers, finance ministers and central bank governors.
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