November 1, 2009
Banchile Citi, the product of a January 2008 merger between Citi and Banco de Chiles regional investment banking platform, has meanwhile taken a lead in the mature domestic market, where fierce competition erodes spreads. It innovated with a new type of bond that may open up the Chilean market as a financing option for high-grade issuers from abroad.The two units link to a firm combined local platform, which operated well despite negativity emanating from the embattled mothership. Citi is this years winner for LatinFinance Best Local Investment Bank.The Mexican M&A market in the past 12 months offered little to separate the top full-service shops, with Citi and several close comp
In a year where most markets were still thawing out following the crisis, little was done to shake up the local investment banking landscape. It is still dominated by several large internationally-backed players, each tending to specialize in most but not all of the business areas. Citi’s Banamex defends its crown as the investment bank best equipped to offer Mexican clients a full range of services.