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 Citiâs 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.
âThe FX market is developing so rapidly that innovation has to be at the core of our business,â said Anil Prasad, Global Head of Foreign Exchange and Local Markets at Citi. âWe 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.â
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.
âCiti remains focused on innovation and developing both the geographic as well as product aspects in the Islamic finance industry,â said Samad Sirohey, Chief Executive Officer of Citi Islamic Investment Bank and Head of Global Islamic Banking. âCiti has consistently played a pioneering and leading role in the development of Islamic Finance globally, having successfully arranged several billion dollars of Islamic transactions for Citiâs clients in the Middle East, Asia, Europe and Latin America.â
An independent panel of industry experts select the winners of The Bankerâs Investment Banking Awards. This yearâs panel consisted of institutional investors, CEOs, CFOs, investment bankers, finance ministers and central bank governors.