Citi gets merchant banking licence in Bangladesh

Silmat Chisti has been appointed head of Citigroup Global Markets Bangladesh, a locally incorporated entity. He started in Citi’s investment banking division in 1998 in New York and last worked in the equity capital markets group in Hong Kong.

Citi has operated in Bangladesh since 1987, offering mostly corporate banking services, but will now be allowed to offer traditional merchant banking or investment banking services.

The licence award comes as the country’s stock market has risen by more than 60% in the year to date.

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