Citigroup has appointed a Standard Chartered banker to build its relationship with sovereign wealth funds, which have come to represent an important client base, as well as a potential source of investment, for banks in recent years owing to the trillions of dollars at their disposal.A number of sovereign funds stepped in to support distressed banks, with notable investments coming from oil-producing nations.
Other large investment banks that benefited during the crisis were Bank of America Merrill Lynch, which sold a $3bn stake to Singapore’s Temasek Holdings, and UK bank Barclays, which secured a $5.7bn investment from the UAE’s International Petroleum Investment Company. Full Story
