Citibank and SSB integrate Asian derivatives sale

US financial conglomerate Citigroup will combine its Citibank and Salomon Smith Barney (SSB) Asia-Pacific regional sales unit for fixed-income derivatives and cash products.

The move, which comes nearly four years after Citicorp merged with Travelers to create Citigroup, will combine SSB's global fixed-income sales team in Australia, Singapore, Hong Kong and Korea, with Citibank's team in Australia, Taiwan, Hong Kong, Korea, Singapore, Thailand, Philippines, Malaysia and Indonesia.The new unit will be responsible for the distribution of all derivatives and structured products, plus government, corporate and agency securities. The trading of these products will continue to remain separate, although a Citigroup spokesman said there are plans to integrate trading operations, but failed to provide a specific timeframe.

Singapore-based Ferdy Khouw, currently head of financial market sales for Citibank Asia Pacific, will head the team. Khouw will report jointly to Stephen Roberts, head of SSB fixed income in Asia Pacific, Paco Ybarra, head of financial markets for Citibank Asia Pacific and Jeremy Amias, head of international fixed-income sales for Citigroup's corporate and investment bank. Amias will relocate to Asia for the next year to oversee the integration process.Khouw was unavailable to comment on the restructuring, but the Citigroup spokesman said there should be no job losses due to the moves.