By Fabiana Negrin Ochoa

 

Citigroup Inc. has appointed a new ESG banking head for Asia Pacific, underlining the significance of the region in its sustainability strategy.

Rapheal Mun will lead the newly created role of Head of Sustainability & Corporate Transitions at Citi's Banking, Capital Markets and Advisory group, the U.S. bank said Friday.

Ms. Mun is currently a senior banker in EMEA Project & Infrastructure Finance and has nearly two decades of experience in structured finance, infrastructure, power, energy and real estate. She will relocate from London to Singapore to take up the new post.

The appointment by Citi, which has raised a record $30 billion-plus in sustainable funds for Asia clients so far this year, follows similar moves by other financial players.

Japan's Mitsubishi UFJ Financial Group in April named Colin Chen as its first ESG finance head for Asia Pacific, while Sumitomo Mitsui Banking Corp. appointed Ghislaine Nadaud as director of ESG solutions for the region in May. German lender Deutsche Bank AG and index operator FTSE Russell both created APAC-focused ESG roles last year.

Asia appears to be closing the gap with some other regions in sustainable investing. According to recent data from BNP Paribas, 47% of APAC investors polled were committed to aligning investment strategies with the carbon neutral-by-2050 goal set by various countries, while 94% of Asia-based bond investors viewed ESG as a key factor for long-term investment success.

 

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

 

(END) Dow Jones Newswires

September 17, 2021 03:11 ET (07:11 GMT)

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