Citigroup is heading towards a record year in ASEAN investment banking, driven by a significant increase in artificial intelligence-related financing and mergers and acquisitions (M&A) activity across the region in 2026.
Data from Dealogic shows that ASEAN’s year-to-date M&A deal value has climbed more than 30% compared with the previous year, reaching US$140 billion (£110 billion).
Equity capital markets (ECM) and debt capital markets (DCM) activity have also recorded strong growth, with combined issuance exceeding US$180 billion over the same period.
Citi’s investment banking revenue in ASEAN has increased by 35% year-on-year. The bank has been involved in regional M&A transactions worth nearly US$20 billion so far this year and has helped ASEAN clients raise close to US$25 billion from international capital markets. These fundraising activities included international bond issuances, initial public offerings, convertible bonds and follow-on equity offerings.
During 2026, Citi has arranged approximately 30 transactions for ASEAN issuers, averaging almost three deals each month.
The bank expects client activity to remain strong in the final quarter, supported by a pipeline of debt and equity transactions. M&A activity is also anticipated to continue across the technology, consumer and healthcare sectors.
Matthew Nimtz, Citi’s head of Investment Banking for ASEAN, said the region remains a key market for the bank globally. He added that cross-border M&A activity is increasing as local companies expand internationally and rely more heavily on Citi’s global network for strategic financing and advisory services.
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